If you ask most of the people why are they studying (in India ), you will get a prompt reply that 'To get a decent job'. If you again ask them why does one want a job, the answer would be 'to earn money'. If you still persistent, why does one need money - you will get the final answer 'need money so that I can have a happy life'.
Yes, getting a 'employable' degree will increase your chance to get a job. But, that's not all. You need right knowledge to build a career. A job might increase your chance to make money to a decent level - only to a middle class decent level. Not above. Then the billion dollar question - even if you earn money , will you get happiness in your life? No guarantee - because, money has very little leverage in happiness :) - Most of us realize that fact only when we have enough money to spend on stuff which we thought would bring us happiness( good house, LCD TV, car etc..). I met most unhappy people who has degree, job and money. They are very unhappy that they don't know what to do next! At least for those lesser fortunate folks - they still have a hope that if they get money their unhappiness would be over. The first category( lucky ones with money) - that hope is also not there !!!
Or in other words - A good degree will no way get you a decent job ( it will increase your chance - but how much is a big question.). A decent job will no way get you rich ( in fact, a decent job might highly likely result in you always remain in middle and you will see yourself end up compromising on lot of things). And attaining all these three - degree, job, money - have no connection to reach happiness in life.
By respecting the scope of this topic - If you let your children study something which they enjoy studying you will get all of the above. But, then the order of steps will be bit different.
By studying something which you love to know(study) - you will enjoy the time you spent on learning it. If you enjoy doing something, you will be happy. The chances are very high that the subject you are passionate about will make you an expert in that subject. So, study something so that you are enjoy learning it. Then, you get a degree in it. Build a career over it( own / salaried) and the money will follow, which you can use to get more physical happiness.
So, Please study for pure happiness of its knowledge. It does not matter the subject. Everything else will follow. Do not study for a job.