One of the major risks of trades is your trade can become completely obsolete through technological advancement or consumer preference or industry shifts. Then you have to retrain yourself or find someway to apply your skills to something else. At some point, you just get too old and tired to do that, but it might be before you are ready to retire. So your stuck in a position where you are too old to be hired for entry level positions.
Whereas, in white collar jobs, you can move up to some BS management or executive position, not really have to know what’s going on at the ground level and keep up with advancements, spin some BS, and still have a decent career.
One example that comes to mind are watchmakers. It wasn’t until the 60s that quartz, battery powered watches were a thing. Then it was all downhill for mechanical watches and watchmakers. We still have both around, but in the same numbers with the same opportunities. Let’s say your 55 when quartz watches comes to dominate the market, it’s all you’ve done your entire life, and all your business tanks faster than you can realign your skills and career. It’s tough to readjust.
But if you’re a 55-year-old manager at Swatch that can’t touch type but knows how to play the management game, you see the writing on the wall for mechanical vs. quartz watches, decide to fire all the watchmakers and hire electrical engineers, and get to keep your job and might even be hailed for your decision. So that’s the advantage of a white collar collar career path.
Obviously, that’s a simplification with one example, but highlights a theoretical risk of the trades as compared to a four-year university career path.
Now if you got a some obscure liberal arts degree that only gave you skills to talk and write about some obscure subject very few people care about, I wish you luck.