Importance The article presents the results of a study of the efficiency of investment in human capital of Russian youth. A number of socio-economic and demographic indicators evidence that there are currently less than optimal ratio of investment in the basic components of human capital and the results obtained. This makes the paper's topic relevant. Objectives The paper aims to study the real economic efficiency of investment in human capital of the modern Russian youth. Methods We used data series of individual in-depth interviews with residents of the Volgograd region of ages from 20 to 30, with higher education or studying in universities. On this basis, we analyzed the efficiency of investment in human capital through the assessment of the ratio of money and resources of the main investors and the beneficial effects of investments. A beneficial effect of such investment is considered as the economic effect (an increase of income of all subjects) and non-economic, or social, effect. Results The paper provides the evidence of deep motivation of a typical Russian region's youth investment in its own education. Conclusions and Relevance We show that students and graduates of higher educational establishments in the Russian Federation poorly understand why they get higher education. Actually, there is neither conscious motivation of investment of this kind, nor a clear understanding of the modalities and timing of the impact. By itself, the diploma of higher education (Bachelor or Master) in isolation from the future profession becomes rather social or cultural capital, but not economic. We conclude of redundancy and inefficiency of such investments.
Keywords: human capital, young people, investment, education, efficiency
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