Study Reveals The Surprising Percentage Of College Graduates Who Think Their Degree Was A Waste Of Money

A college degree was once a surefire way to land a job in your chosen industry, but that is no longer the case. Nowadays, the future is uncertain for many college graduates, and a diploma doesn't guarantee a job interview, let alone a position. As such, many millennials and Gen Zers believe their degree was a waste of time and money. 

A recent study revealed the surprising percentage of college graduates who think their degree was a waste of money.

The survey conducted by the Harris Poll on behalf of Indeed polled 772 professionals in the U.S. with an associate’s degree or higher. 

While only 20% of baby boomers say they believe their degree was a waste, the number was much higher among younger graduates. Just over half of the Gen Z respondents, 51%, believe their degree was a waste of money, while 41% of millennials say the same. 

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Many graduates believe that their student loan debt hurt them more than their degree helped them. 

The obvious generation differences can be easily explained. When baby boomers went to school, college tuition was far more affordable, but since then, costs have skyrocketed, while wages have remained fairly stagnant.

"Tuition and fees across all universities in the United States over the past two decades have jumped between 32% and 45% — public, private, in-state, and out-of-state — even after accounting for inflation," Indeed reporter Jocelyne Gafner wrote. 

As such, over half of the survey respondents, 52%, reported graduating with student loan debt. Those with student loan debt were understandably more likely to regret their degree. Sadly, 38% said "their student debt hindered their professional growth more than their degree helped." 

More people also attend college now than in the baby boomers' day, meaning more graduates are vying for the same limited positions. Add AI to the mix, and it's hard to fault young professionals for feeling regretful. 

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Young people also reported that they could do their job without a degree. 

"While most college graduates acknowledge learning valuable skills during their education, a majority believe they could perform their current roles without their degrees," Gafner reported. "In fact, 68% of Gen Z respondents confirmed that they believe they could do their job without a degree, versus 49% of Baby Boomers."

Employers seem to agree with this sentiment. A recent economic analysis found that, when it comes to hiring, employers are beginning to see high school and college graduates as synonymous. Indeed further noted that 52% of U.S. job postings on the site "did not mention any formal education requirement" as of January 2024, up from 48% at the same time in 2019.

While growing up, many people were taught that college was the only way to succeed in the world. It was the obvious next step after high school for anyone who wanted to pursue a professional career. Now, those same people have realized that they could do their job without the degree they spent thousands of dollars on. Frankly makes sense that they would harbor some regret. 

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Mina Rose Morales is a writer and photojournalist with a degree in journalism. She covers a wide range of topics, including psychology, self-help, relationships, and the human experience.