More Education Means Better Economic Outcomes During COVID
For many households over the past two years, the pandemic has meant loss of work, financial difficulties, and uncertainty over their next meal or rent payment. These economic hardships have disproportionately affected people with lower educational attainment. Higher education has served to partially protect against the pandemic’s negative economic effects. Responses to the Census Bureau's Household Pulse Survey, depicted below, show that higher education has served as a buffer against some of the economic shock of COVID-19, while a high school diploma alone has offered minimal refuge. However, higher education is not equally accessible to all; policymakers must ensure that access is equitable and that prospective students recognize and reap the long-run returns and stability of a credential.
The higher their education level, the more likely respondents were to be working for income.
Approximately 50% of respondents with a high school diploma only had paid work during April 2022; this fluctuated throughout COVID and was 56% in December 2021.
Approximately 58% of respondents with a some college had paid work during April 2022; this fluctuated throughout COVID and was 66% in December 2021.
Approximately 60% of respondents with an associate's degree had paid work during April 2022; this fluctuated throughout COVID and was 69% in December 2021.
Approximately 73% of respondents with a bachelor's degree only had paid work during April 2022; this fluctuated throughout COVID and was 56% in December 2021.
The more education respondents had, the less likely they were to lose their job.
Approximately 15% of respondents with a bachelor's degree were laid off, furloughed, or facing employee closure due to COVID-19 in April 2020. This number fell to 2% by December 2021.
Approximately 20% of respondents with a associate's degree were laid off, furloughed, or facing employee closure due to COVID-19 in April 2020. This number fell to 2% by December 2021.
Approximately 26% of respondents with a high school diploma were laid off, furloughed, or facing employee closure due to COVID-19 in April 2020. This number fell to 2% by December 2021.
Higher-level credentials are associated with more flexibility in work and health arrangements.
Approximately 19% of respondents with a high school diploma only were teleworking in August 2020. This number fell to 13% by December 2021.
Approximately 37% of respondents with an associate's degree were teleworking in August 2020. This number fell to 26% by December 2021.
Approximately 63% of respondents with a bachelor's degree were teleworking in August 2020. This number fell to 52% by December 2021.
Approximately 74% of respondents with a graduate degree only were teleworking in August 2020. This number fell to 60% by December 2021.
Data Source: Household Pulse Survey, US Census Bureau; Research Institute Calculations