Adapted from Learn More Resource Center
Web site:http://www.learnmoreindiana.org/@parents/publications/infoseries/txt/is-45.txt

Education - What It's Worth

The more education you have, the more money you will make

Average earnings

Money matters to most people, and people with more education make more of it. The annual income for someone with a college degree is about 60 percent higher than someone with only high school diploma. College graduates with a bachelor's degree earn an average of approximately $18 an hour, compared to an average of approximately $10 for high school graduates.* The wages for college graduates are rising faster than wages for high school graduates.

SOURCE: DIGEST OF EDUCATION STATISTICS, 2002.

The gap between the weekly salaries of college graduates and workers with less education is widening, too. In 1990, high school graduates who were working were making an average of $12,585 less than college graduates each year. Now they make an average of $22,031 less.* So, college graduates make almost twice as much money each week as high school graduates, and the difference is only getting bigger.

SOURCE: BUREAU OF LABOR STATISTICS, 2002.

*DIGEST OF EDUCATION STATISTICS. NATIONAL CENTER FOR EDUCATION
STATISTICS, 2002. http://nces.ed.gov/pubs2003/2003060e.pdf

Many of the 25 occupations in Indiana with the highest earnings require at least a bachelor's degree (many are in health fields). Jobs that pay above average wages will require some kind of college degree or training. Every little bit of education counts.

Living expenses

You may think if you have a high school diploma and make $20,000 a year that it's enough to live on. But it may not be.

First of all, you need to remember taxes will take a significant portion of your income. Also, take a look at how yearly living expenses add up for the average person. (And prices are increasing.)

*Other expenses include personal insurance, health care and education.

SOURCE: BUREAU OF LABOR STATISTICS, 2002.

Sure, you can reduce your entertainment costs or get a roommate to help stretch your salary. But one day you may want to have a family or buy a larger house or take a big vacation. More education can make those things happen for you. 

Job growth

Workers in the United States on average only stay at a job for 4.7 years, according to the Current Population Survey.* Those who are in the workforce for 30 years or more may switch jobs over six times. Chances are, you'll be looking for a different or better job at some point.

SOURCE: BUREAU OF LABOR STATISTICS, 2001.

The fastest-growing occupations in Indiana (projected between 2000-2010) are: computer software engineers (systems software), computer support specialists, computer software engineers (applications), computer security specialists and data communications analysts. These occupations all require a bachelor's degree or extensive on-the-job training. To view a complete list of the fastest-growing and highest-paying occupations, with links to career profiles, go online to: icpac.indiana.edu and click on Careers.**

* BUREAU OF LABOR STATISTICS.
http://www.bls.gov/news.release/tenure.t01.htm, 2002.

** INDIANA CAREER AND POSTSECONDARY ADVANCEMENT CENTER.
http://icpac.indiana.edu/careers/top.asp?growth, 2003.

Lifelong learning

Most jobs require some kind of education after high school. Regardless of the level of education they have to begin with - 46 percent of all adults participate in some type of adult education class.* That's what lifelong learning is all about. Workers will need to keep learning in order to be successful. You'll have to get more education sooner or later. The sooner you start the better.

Lifelong learning
46% of all adults participate in some kind of education class.
SOURCE: NATIONAL CENTER FOR EDUCATION STATISTICS, 1999.

The more education you have, the more job security you will have

Unemployment

It makes sense that if people with more education have more job options, then people with more education are less likely to be unemployed. People who never graduated from high school are almost twice as likely to be unemployed as those with a high school diploma.

Those with more education are also unemployed for shorter periods of time than those with less education. Job security is valuable - especially when you have rent to pay, a car to maintain or a family to support.

SOURCE: BUREAU OF LABOR STATISTICS, 2001.

Skilled workers

Of the 25 occupations with the greatest declines in employment, almost none require a degree.**

* NATIONAL CENTER FOR EDUCATION STATISTICS.
http://nces.ed.gov/pubs2000/2000027.pdf, 1999.

** AMERICA'S CAREER INFONET.
http://acinet.org/acinet/oview4?printer=true&soccode=&from=National, 2003.

All the jobs require on-the-job training. Now even jobs that in the past required little training demand increasing familiarity with new technology. According to the 2003 American Management Association Survey, only 12 percent of employers said skilled manpower was abundant.*

Our technology-driven economy is creating a skills shortage. Education teaches you the skills you'll need to qualify for jobs and succeed in the work world.

• Forty-one percent of the 2001 American Management Association Survey respondent firms test job applicants in basic literacy and/or math skills, 34.1 percent of those applicants did not possess those skills.**
• Seven out of ten respondent firms engage in various job skills testing on both current employees and applicants.** The more education you have, the more sense life makes Education is worth more than a higher salary and job security. Education can also help you make the most of your life off the job, too. Education helps you:
• Appreciate and understand more -- College is a place to learn more, experience more and meet more people. A college education will expose you to a variety of new things and help you develop new interests.
• Make better decisions -- Education teaches you not only how to understand things, but how to analyze information and solve problems. These are important skills for success in everyday life as well as on the job.
• Cope with change -- The world is becoming more technologically advanced and more global. Education helps you keep up with the changes.
• Try and do more things -- Education introduces you to new ideas and new people. It will also give you the self-confidence and means to experience new things.
• Live a more fulfilling life -- The more you know, the more equipped you are to take care of yourself. Studies show that college graduates are more attentive to wellness and preventive health care.

* AMA 2003 JOB OUTLOOK SURVEY.
http://www.amanet.org/research/pdfs/2002_joboutlook.pdf
** 2001 AMA SURVEY ON WORKPLACE TESTING.

Learn More Resource Center
LRMC Hotline: 800.992.2076
Web site: http://www.learnmoreindiana.org

© Learn More Resource Center, used by permission.

© 2008 Maine Educational Talent Search (METS)

The Maine Educational Talent Search Project is funded entirely by the US Department of Education. The grant award for 2007-2008 is $510,255.

In complying with letter and spirit of applicable laws and in pursuing its own goals of diversity, the University of Maine System shall not discriminate on the grounds of race, color, religion, sex, sexual orientation, including transgender status or gender expression, national origin or citizenship status, age, disability, or veterans status in employment, education, and all other areas of the University. The University provides reasonable accommodations to qualified individuals with disabilities upon request.

Questions and complaints about discrimination in any area of the University should be directed to the Office of Equal Opportunity, the University of Maine, 5754 North Stevens Hall,Room 101, Orono, ME 04469-5754, telephone (207) 581-1226 ( voice and TDD) TYY (207) 581-9484.

This site last revised 3/3/2008 Comments or questions? Send email to Steve Visco (visco@umit.maine.edu)