Most Americans Don't Think A College Degree Is Worth The Cost, Survey Reveals

According to a recent survey, Americans' confidence in the value of a college degree has steadily declined. The decline is due to a combination of factors, including concerns about student loan debt and questions about the relevance of college programs in today's rapidly changing job market.

While there is no doubt that a college degree can still be a valuable asset for many, there is growing skepticism about the long-term benefits of a traditional four-year college program.

The survey conducted by The Wall Street Journal and the research organization NORC at the University of Chicago found that 56% of Americans say earning a four-year degree is a bad bet compared with 42% who still believe in receiving a degree. 

The survey further found that skepticism is strongest among people ages 18-34, and people with college degrees are among those whose opinions have soured the most.

According to the research, the dip in confidence in college degrees was especially stark among women and older Americans. 

The percentage of women who thought college was worth it dipped from 54% in 2017 to 44%. A similar decline was reflected in older Americans: 44% of older Americans thought college was worth it, compared to 56% in 2017.

See Also: Cryptocurrency's Popularity Among Millennials In US Declining: Study

The survey found disaffection has spread to all age groups and residents in cities and suburbs across the U.S. The categories where a slim majority have held fast to their faith in the value of a college degree consisted of Democrats, those already with a college degree and those earning more than $100,000 a year.

The report added that 42% of people with a college degree said that the degree wasn't worth it, up more than 10 percentage points from the two polls in the last decade.

"These findings are indeed sobering for all of us in higher education, and in some ways, a wake-up call," WSJ quoted Ted Mitchell, the president of the American Council on Education, saying.

"We need to do a better job at storytelling, but we need to improve our practice, that seems to me to be the only recipe I know of regaining public confidence," he added. 

Mitchell pointed out that the student debt, which has reached $1.7 trillion, and the 60% graduation rate at four-year colleges are the two biggest problems undermining confidence in the education sector. 

The WSJ and NORC at the University of Chicago survey polled 1,019 people from March 1 through March 13.

Read Next: This Is How Much Americans Have Lost In Annual Income Since Biden Took Office

Photo: Shutterstock