This is a question that many in our society are asking. For many years, it seemed as though education was the path to a successful and happy life, but these days there are many who question whether college degrees can deliver.
In a previous post, I posted a couple of graphs that show how income and education are very strongly correlated and education is also strongly linked to having retirement accounts (e.g., 401(k)s, 403(b)s, IRAs, etc.). In this post, I want to point to a recently published study that tracked 50 years of US data.
The journal article is written in fairly technical language (as appropriate for a social scientific publication) and includes several "twists and turns." But the overall message is that, compared to individuals without undergraduate (or graduate) degrees, those who earn a university degree tend to report higher levels of happiness.
There are a few nuances. For example, happiness levels went down after the COVID-19 pandemic. Occupation and income, while strongly related to education, are different and may have independent effects on life satisfaction levels. And there have been a couple of time periods in which undergraduate degree holders reported higher levels of happiness than their counterparts wih graduate degrees (that is, masters and doctoral degrees). But most of the time, the pattern holds: the more education, the more satisfaction with life.
Overall, this only reinforces (at least in my mind) the idea that earning a college or university degree increases the chances of having a satisfactory and productive life. As I wrote in the earlier post, expensive as it may be, higher education is very much worth the investment!
Showing posts with label Income. Show all posts
Showing posts with label Income. Show all posts
Time to be grateful? Or pro-active?
Indeed, these are interesting times. Many say it’s a time to be grateful that the Commonwealth of Pennsylvania reduced its financial support by “only 18%” –as opposed to 54% that was originally proposed. Also, it’s time to be glad that the collective bargaining agreement that governs the employment relations between faculty and coaches has not been re-negotiated; what can we expect when the first move by the faculty negotiators was to offer –not even accept—a salary freeze for the next academic year! Time to be grateful that we have jobs, right? After all, unemployment has kept stubbornly above 9% in the past months! (For details, click here.)
But, before we accept this common wisdom, take whatever the Commonwealth and the union offer and resign ourselves to a new contract with salary raises that barely match inflation (if at all!), I suggest we check some of the assumptions behind all of this gratefulness we, faculty members should have.
First of all, while it’s true that national unemployment has remained at the highest level of the decade, I believe we should examine some evidence. Consider the graph in the following link (the Bureau of Labor Statistics will probably be changing it to the most current figures as time goes by):
http://www.bls.gov/emp/ep_chart_001.htm
This figure also clearly ties to us, as faculty, in a number of ways. First, it clearly shows that what we do as teachers has significant economic (as well as cultural and intellectual) value for our students and our state --and we need to remember that and remind others of it. Moreover, this figure demonstrates that, for individuals with faculty-level qualifications, the average unemployment rate in 2010 can be as low as 1.9% for doctoral degree holders or as high as 4.0 for colleagues with only a master’s. It turns out that all those years in school, student loans, etc. do pay off!
Now, before you conclude that I’m suggesting we should all pack up and find jobs in private universities –since our state government is evidently uninterested in continuing to support rural higher education—, I will acknowledge that faculty mobility is not high, especially once one has achieved tenure. Instead, we have to be proactive in these difficult times.
I believe we must start by looking after our own basic needs. Trying to do “more with less” –or even “the same!’’—may be not only insulting, but also dangerous to our health. I already see some colleagues taking on increased workloads as a result of frozen hiring, coupled with recent retirements, smaller budgets for temporary positions, student workers, etc. Burnout may be right around the corner if we don’t take appropriate measures (see Ms. Scholar's column for suggestions clicking here).
Next, our professional development and commitment to research cannot stop! Unless there is a sudden change of heart in Harrisburg, it is quite likely that this is only the first of four, perhaps eight years of reductions in state support for our schools. We must continue to grow professionally. We also need to continue using and honing the rarest and potentially most valuable of our skills, the ability to do research. Not only do publications improve our individual résumés and collective reputation, they might be one of the strongest ways in which we differentiate our university from organizations that charge lower fees but simply cannot offer students what we can when we stay current in our fields. If our skills and reputation take a hit in the next few years, we will be unable to convince the shrinking student population that our university is worth attending, or find alternate sources of employment, should the need arise.
I am sure there are other ways to be proactive in these difficult times. If we work together to be proactive, we can be grateful to each other. I hope we do inspire and help each other find ways in which we will not only survive but thrive during these interesting times.
But, before we accept this common wisdom, take whatever the Commonwealth and the union offer and resign ourselves to a new contract with salary raises that barely match inflation (if at all!), I suggest we check some of the assumptions behind all of this gratefulness we, faculty members should have.
First of all, while it’s true that national unemployment has remained at the highest level of the decade, I believe we should examine some evidence. Consider the graph in the following link (the Bureau of Labor Statistics will probably be changing it to the most current figures as time goes by):
http://www.bls.gov/emp/ep_chart_001.htm
This figure also clearly ties to us, as faculty, in a number of ways. First, it clearly shows that what we do as teachers has significant economic (as well as cultural and intellectual) value for our students and our state --and we need to remember that and remind others of it. Moreover, this figure demonstrates that, for individuals with faculty-level qualifications, the average unemployment rate in 2010 can be as low as 1.9% for doctoral degree holders or as high as 4.0 for colleagues with only a master’s. It turns out that all those years in school, student loans, etc. do pay off!
Now, before you conclude that I’m suggesting we should all pack up and find jobs in private universities –since our state government is evidently uninterested in continuing to support rural higher education—, I will acknowledge that faculty mobility is not high, especially once one has achieved tenure. Instead, we have to be proactive in these difficult times.
I believe we must start by looking after our own basic needs. Trying to do “more with less” –or even “the same!’’—may be not only insulting, but also dangerous to our health. I already see some colleagues taking on increased workloads as a result of frozen hiring, coupled with recent retirements, smaller budgets for temporary positions, student workers, etc. Burnout may be right around the corner if we don’t take appropriate measures (see Ms. Scholar's column for suggestions clicking here).
Next, our professional development and commitment to research cannot stop! Unless there is a sudden change of heart in Harrisburg, it is quite likely that this is only the first of four, perhaps eight years of reductions in state support for our schools. We must continue to grow professionally. We also need to continue using and honing the rarest and potentially most valuable of our skills, the ability to do research. Not only do publications improve our individual résumés and collective reputation, they might be one of the strongest ways in which we differentiate our university from organizations that charge lower fees but simply cannot offer students what we can when we stay current in our fields. If our skills and reputation take a hit in the next few years, we will be unable to convince the shrinking student population that our university is worth attending, or find alternate sources of employment, should the need arise.
I am sure there are other ways to be proactive in these difficult times. If we work together to be proactive, we can be grateful to each other. I hope we do inspire and help each other find ways in which we will not only survive but thrive during these interesting times.
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