2019 is the year for women achieving all their goals! It is the first year that women make up the majority of the college-educated labor force according to the Washington Street Journal.
Nicole Smith, a chief economist at Georgetown University Center who specializes in Education and the Workforce said that this historic rise of college-educated women is a result of a culmination of a trend that started over four decades ago. She also mentioned how this rise will give women more earning potential and more control over their finances.
It is important to note that your major affects your earning power. We all know the TREMENDOUS pay gap between men and women. A study done by Professor Bertrand at the University of Chicago demonstrates that women’s education degree affects their earning power in the long term. Although more women have been graduating with a bachelor’s degree, women tend to choose majors in psychology, education, social work, etc. These majors are known for starting at very low salaries. Men tend to pursue degrees in the S.T.E.M field, which tend to pay much higher salaries. Women are pursuing higher education in order to receive the same returns as men who have lower education levels.
Since the 1980s, most of those seeking bachelor’s degrees were women. By the end of the 20th century, women received more than 57% of bachelor’s degrees. One decade later, and the numbers keep growing. The increase of educated female workers is shifting the way in which businesses structure their compensation and benefits packages in order to attract educated female workers.
It is important that as women, we push ourselves to be the best version of us we can be. We should step out of our comfort zone and support one another.
Continue studying hard, doing what you love, and secure that bag!