For generations, advanced degrees have been touted as a golden ticket to a higher quality of life. But according to two new reports by Georgetown University Center of Education and the Workforce, good jobs are harder to come by even if you have the degree letters behind your name.

Both funded by JPMorgan Chase, the reports take a look at how economic stability has evolved from cross-generationally. In the second report, How Racial and Gender Bias Impede Progress toward Good Jobs, reveals insights about opportunity gaps among demographic groups over years.

The report points out that older baby boomers were able to secure high-paying, stable jobs in their mid-20s, but most older millennials did not reach this stage until their early 30s.

“College costs have risen dramatically just as postsecondary education has become key to finding a good job,” lead report author and CEW Director Anthony P. Carnevale said in a news release. “We need to improve access to college, work-based learning programs, and career counseling for young people.”

As the report outlines, times have presented different barriers for younger generations to secure their financial future.

Young adults are required to have more education and high-quality work experience than older generations. But the cost of education has tripled over the last 40 years.

Heightened costs for education can cause delayed entry into the workforce, which poses severe consequences to overall quality of life over time.

“There are consequences to the delayed transition to good jobs,” said Artem Gulish, report author and CEW senior policy strategist and research faculty in a news release. “For many young adults, not having a good job means not being able to buy a house, not being able to pay back their student loans, and not having sufficient financial security to pursue their aspirations while facing life’s inevitable mishaps.”