Some 35% of millennials with a bachelor’s degree say their first full-time job didn’t require a college degree, according to an exclusive survey of 548 millennials in the U.S
According to a 2013 study by the Center for College Affordability and Productivity, the number of college graduates entering the workforce will be more than double the jobs available that require at least a bachelor’s degree. That means there just aren’t enough high-paying jobs for the number of qualified job seekers out there.
By June of last year, the Federal Reserve Bank of New York reported that a whopping 44% of graduates were underemployed. And it’s not just because of the recession: the number’s been rising since 2001.
And more education doesn’t’ exactly help; in fact going to graduate school can make things worse. In 2008 22% of people with PhDs or professional degrees and jobs were underemployed. That number rises all the way to 59% for people with master’s degrees.
While more than 63 percent of Gen Y workers have college degrees, they are more than four times as likely as workers overall to hold a retail industry job as a “Merchandise Displayer,” “Clothing Sales Representative,” or “Cell Phone Sales Representative.” (The Fiscal Times)
The financial payoff after four years of higher education? The median pay for the merchandising job is just $23,400, while the other two pay around $28,000. (The Fiscal Times)
More than 80 percent of millennials selling clothes have bachelor’s degrees, while almost 70 percent of those hawking phones are college grads. (The Fiscal Times)