Are PhDs losing their lustre? Why fewer students are enrolling in doctoral degrees

PhD enrollment numbers are declining in several countries due to high living costs, low stipends, and limited career prospects, prompting concerns about potential talent drain in academia. Countries like Australia, Japan, Brazil, and the UK are experiencing this downward trend, with some governments responding through increased funding and scholarships. Financial insecurity remains a primary deterrent for potential doctoral candidates, with stipends often falling below minimum wage levels.