Do college degrees directly correlate to a person’s eventual wealth level? 81 percent of Gen X investors recognized their education as a factor in obtaining wealth. While 86 percent of WWII investors said education was a factor, only 80 percent of Baby Boomers gave education the positive nod.
Aside from education, the only factor given recognized more among Gen X investors for obtaining wealth was hard work, with 92 percent of investors saying this attribute increased their wealth. The third factor was frugality (74 percent).
In a Spectrem Group study, Gen X Marks the Spot, affluent investors between the ages of 33 and 47 were asked about their educational background, and more than 80 percent had completed a college degree. Also, more than a quarter (27 percent) had an advanced college degree.
The Spectrem Group study compares Gen X investors to those from the Baby Boomer and World War II generations, and found that while more Gen Xers had college degrees (87 percent to 79 percent of Baby Boomers and 82 percent of World War II investors), fewer had advanced college degrees (27 percent to 29 percent of Baby Boomers and 33 percent of World War II investors).
Keeping in mind that the investors interviewed for the study had a net worth of at least $100,000, it is noteworthy that 10 percent of the group attended college but did not complete a bachelor’s degree.
For more information on the Generation X study, click here