50% of Americans Would Make Different Education Decisions

More than half of Americans (51%) would change a major education decision if they had it to do over again, finds a new report by the Strada Educational Network in conjunction withe Gallup polling organization: 36% would choose a different major, 28% would choose a different institution, and 12% would pursue a different degree.

Graduates of vocational, trade or technical programs are more positive about their education decisions that those with an associate or bachelor’s degree. STEM graduates at all education levels were most satisfied with their decisions. Respondents who earned Associate degrees and B.A. degrees in liberal arts were more likely to express regret than those with business, STEM or public service degrees.

“In the United States, students often make the decision whether or not to pursue postsecondary education without being fully informed of the available educational opportunities or which are required to pursue their chosen career path,” says the report. “These decisions, whether students pursued postsecondary education or not, have long-standing implications for their careers, their finances and their well-being.” Continues the report:

Researchers widely agree that many of the current measures available to consumers to help determine the value of their education fall short, and they are not widely used. There is, for example, no national database that shows how much graduates of different colleges earn by major or how satisfied they are with their experience. When economic challenges are coupled with a lack of reliable information, it creates a situation ripe for education outcomes to fall short of consumer expectations, leading many consumers to have second thoughts about the choices they made.

Bacon’s bottom line: Looks to me like a massive mis-allocation of time (years of study) and financial resources. That might have been forgivable when higher education was the province of the elite. Now that 60% or more of the population pursues an advanced degree — often borrowing money to do so — the decision-making process needs to be more rational and better informed.