Finance
One college major is more popular than ever—but comes with financial catch
One college major is soaring in popularity—but graduates shouldn’t expect to be making good money from that alone.
A degree in psychology has proven an increasingly popular choice for college students year after year, with a noted spike in degrees awarded following 2020.
In 2023, 140,711 bachelor’s degrees in psychology were awarded to graduates across the United States, compared to 86,989 two decades earlier in 2004, according to the American Psychologial Association (APA).
The trend has been attributed to several possible factors, from younger generations becoming more open about mental health discussions, to online psychology influencers gaining popularity, and even certain films and TV shows.
But while the number of psychology graduates is increasing, the monetary reward may not be what they hope.
According to a 2025 report from the Federal Reserve Bank of New York, the median wage of a psychology graduate in their early career is $45,000—moving to $70,000 by mid-career.
Dr. Ryan Sultan MD, double board-certified and the founder and director of Integrative Psych, believes the rise in psychology degrees is generational.
“Younger people tend to be more open to discussing mental health topics, including anxiety, depression, and trauma,” he told Newsweek. “They’re more comfortable having conversations about psychological wellbeing compared to previous generations. They have more exposure to psychology and related concepts, and therefore more people are seeking out psychology degrees.”
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Career strategist Patrice Williams Lindo, CEO of Career Nomad, suggested this choice of major is rising “because people are desperate to understand themselves and the world around them, especially in the wake of collective trauma from the pandemic, social unrest, and economic uncertainty.
“Gen Z in particular is drawn to psychology not only through TikTok therapy culture but because they see mental health work as purpose-driven—even if it doesn’t pay six figures out the gate.”
Lindo pointed to a particular uptick of interest in psychology majors post-pandemic, as discourse around mental health became more mainstream on social platfoms, which may have made psychology degrees feel culturally relevant and important, despite it not having a clear career path post-graduation.
When it comes to graduate roles being relatively poorly paid, Sultan believes this is a positive thing “for the future of psychology.”
“I find that these younger psychology students are conscious of the fact that it’s not a money-driven profession, and therefore choose this field because they are genuinely interested in understanding the mind and human behavior,” he suggested.
However, Sultan works closely with psychology students at his practice, and notes some may not know exactly what the course and career entail, as they “often tell me that they weren’t expecting the field to have such a large research component.”
Career strategist Linda said people may not realize that a bachelor’s degree in psychology alone rarely leads to a high-paying role, and being a clinician requires a lot of further work.
“You need a clear plan for either further training or using your psych background in allied fields—like UX research, HR, or policy—if you want sustainable income.”
This correlates with the experience of Dr. Azadeh Weber, who now runs a private practice in California where she says she makes $200,000 a year working part-time. But after graduating with a bachelor’s in psychology, she couldn’t find a job in her field and ended up with a career in tech sales, unrelated to her degree.
At the age of 30, she returned to education, attending graduate school, and became a doctor of clinical psychology at the age of 36.
“I believe the reason why getting an undergraduate degree in psychology is popular is because many people are intrinsically motivated to understand themselves and others,” she said.
“One of the most beautiful parts of my job is also learning from my clients. Everyone has something to teach others,” she said.
She noted that, had she stayed in her tech sales career, at this stage she “may be making the same income as I do now” but it would likely mean having to work “full-time at a corporation.”
“This would mean less time with my family. Overall, I am happy with my decision and love my job.”
Finance
PRESS RELEASE: Global Finance Names The 2026 FX Tech Awards As Part Of The Gordon Platt Foreign Exchange Awards
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Global Finance magazine has named its annual FX Tech Awards as part of the Gordon Platt Foreign Exchange Awards 2026. This awards program honors companies that conceive fresh ideas and demonstrate exceptional skill in designing or deploying technology to improve foreign exchange.
These awards are named in honor of Gordon Platt, who was the driving force behind this program for many years.
An exclusive report on this program will be published in the January 2026 print and digital editions, as well as online at GFMag.com. It will also include Global Finance’s 26th annual World’s Best Foreign Exchange Banks Awards.
Winning organizations will be honored at Global Finance’s Gordon Platt Foreign Exchange and Best SME Bank Awards Ceremony in London – Date and Location TBD.
Global Finance’s regional experts considered bank and technology provider submissions and used their own research and knowledge to make shortlists in all regions and categories, before applying a custom algorithm, which includes market share, scope of global coverage, innovative features, competitive pricing, and customer service to help choose the 2026 FX Tech Award winners.
“Global Finance’s 2026 FX Tech Award winners are redefining what’s possible in foreign exchange technology,” said Joseph Giarraputo, founder and editorial director of Global Finance. “By delivering smarter, faster, and more secure solutions, these innovators are shaping the future of finance. Global Finance is proud to honor their outstanding contributions.”
The complete list of Global Finance’s 2026 FX Tech Awards follows.
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PA MediaScotland’s finance secretary has asked for a meeting and assurances from the chancellor over speculation she will raise income tax in her Budget.
Such a move, which Rachel Reeves refused to rule out last week, would lead to an automatic deduction from Scotland’s funding from the Treasury.
Shona Robison said Labour should ditch “outdated” fiscal rules which include making sure day-to-day spending is funded by tax revenues.
The Treasury said it would not comment on speculation but claimed its previous “record settlement” for Scotland meant it receives 20% more funding per head of population than the rest of the UK.
In an unusual pre-Budget speech in Downing Street last week, Reeves said she would make “necessary choices” in her tax and spending plans later this month after the world had “thrown more challenges our way”.
She did not rule out a U-turn on Labour’s general election manifesto pledge not to raise income tax, VAT or National Insurance, leading to speculation that a tax rise is on the way.
Any increase in income tax by the UK government could see a fall in the block grant Scotland receives from Westminster as a result of a funding agreement called the Block Grant Adjustment.
The Fraser of Allander Institute has estimated a 2p rise in the basic rate of tax elsewhere in the UK could cut Scotland’s budget by up £1bn, unless the Scottish government matches the increase with its own tax rise.
Robison said the chancellor’s speech had “piled uncertainty on uncertainty” and that she had requested an “urgent meeting” where she would set out three tests.
These are:
- The chancellor “ditch her outdated, restricted fiscal rules” and faces up to a “new reality”.
- All money raised from tax increases is invested in public services, meaning the block grant also increases as a result
- Confirmation that Scotland will not see a cut in funding
She said: “They came to office promising an end to austerity, so to impose it on Scotland would be a political betrayal from which Labour would never recover.”
Getty ImagesIncome tax in Scotland
Ahead of the last general election First Minister John Swinney urged the next UK government to replicate Scotland’s devolved taxation system where higher earners pay more in tax.
People living in Scotland earning below about £30,300 pay slightly less income tax than they would elsewhere in the UK, with a maximum saving of about £28.
Above that threshold they pay increasingly more as earnings increase. Someone on £50,000 in Scotland pays £1,528 more than they would in the rest of the UK. That rises to £5,207 for someone on £125,000.
Swinney recently said he had no plans to make any further changes to taxation in Scotland ahead of next May’s Holyrood election.
However, following the chancellor’s speech last week he has now declined to rule this out.
What is the Treasury saying?
The Treasury said it could not comment on the chancellor’s plans ahead of her Budget, but it said she had outlined the global and long term economic challenges that would influence her decisions.
A spokesperson said: “Our record funding settlement for Scotland will mean over 20% more funding per head than the rest of the UK.
“We have also confirmed £8.3bn in funding for GB Energy-Nuclear and GB Energy in Aberdeen, up to £750m for a new supercomputer at Edinburgh University, and are investing £452m over four years for City and Growth Deals across Scotland.
“This investment is all possible because our fiscal rules are non-negotiable, they are the basis of the stability which underpins growth.”
Why would a UK tax hike cut Scotland’s budget?
A change to UK income tax would apply directly to residents in England, Wales and Northern Ireland – but it could also have an impact on Scottish taxpayers.
When the devolved government in Scotland was given more tax raising powers nearly a decade ago, an agreement called the Fiscal Framework was agreed setting out how the new system would work.
Part of that was something called the Block Grant Adjustment (BGA) which meant the funding Holyrood receives from Westminster was reduced to take into the account money the Scottish government was now able to raise directly.
The BGA was intended to stop either government being better or worse off due to devolution.
It means the UK government is able to deduct funds from the block grant that it estimates it would have received if tax-raising powers were not devolved.
If the chancellor raises income tax, the BGA will also change.
Scotland will then have to generate more tax revenue or cut public spending in order to avoid a budget shortfall.
The Scottish Budget will be announced on 13 January.
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