A new study has found that Millennials – the most educated generation in U.S. history – are making more money than previous college-educated generations.
And those with a master’s degree, including a master’s of business administration, are seeing the biggest payoff.
The information, from the Census Bureau’s Survey of Income and Program Participation, shows that the median monthly income for those with a bachelor’s degree was $3,836, which is 13% more than those with the same level of education made in 1984 ($3,399).
The payoff was even bigger for those with a master’s degree. The report found that the monthly income from those with a master’s degree was $4,772, about 23% more than what the same age group made with a master’s degree in 1984 ($3,875).
The increase was even bigger for those with a doctorate degree – 34% more than what the same group made with a doctoral or professional degree in 1984.
The survey focused on those in the Millennial generation, specifically those between the ages of 25 and 34.
Of course, the pay levels vary widely depending on location and, more importantly, the field of study. In reporting the findings, the Pew Research Center noted that for some occupations, wages have remained stagnant or even gone down.
Pew also looked at household income because Millennials are, generally speaking, waiting later to get married and also statistically have a better chance of marrying someone in their own socio-economic group. By this measure, households led by young college graduates have had an income increase of about $1,300 per month, while those with master’s degree have seen an increase of $1,500 per month.
In contrast, according to Pew Research Center, the income of household s led by someone with less than a bachelor’s degree has declined since 1984.
While more Millennials have attended college than previous generations, they are not going into graduate school at a record pace. The study shows that 27% of young adults have gone on to complete a master’s degree program, while 26% did the same in 1984.
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