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Formal education tends to lead to work that pays better in our society. A higher education environment imparts academics and soft skills, such as communication, flexibility, and technological facility, that are important in the workplace.
Education is a crucial component of development, mainly sustainable development. Education is an enabler of economic growth, productivity, labour market performance, human capital gains and social mobility. It has always been an integral part of the global efforts for development [1].
Many ask, “Why is education important?” That is a big question. And the question has many answers. We will give some answers, and we suppose many other solutions to that question might be excellent or better than our answers. This is one of the articles in Lucubrate Magazine that try to answer “Why Education?”
The impact of workers’ level of educational attainment on their labour market outcomes depends on the country’s stage of development and level of income. This determines the local labour market characteristics and the type of job opportunities available. In high-income countries, the level of sophistication of the economy and the labour market is such that skilled jobs abound, at least in comparison to unskilled jobs. Therefore, workers with a basic or less than basic educational level struggle to find jobs for which they qualify. In most high-income countries, the unemployment rate is higher for workers who have not completed upper-secondary education than workers with an advanced educational level. [1]
As you weigh the pros and cons of the school, think about how education pays. People with college degrees or formal job training often make more money than those without degrees. They are also more likely to keep their jobs or quickly find a new one.
Statistics from many countries show the same picture. The more education, the more likely you have paid work. We can use statistics from the US to illustrate it. From the figure, we can see that both the earnings and the rate of employment increase with higher education.
Education can be one of the most lucrative investments you make. By investing in it, you could increase your lifetime earnings by hundreds of thousands, even millions. But the decision to further your schooling it’s always a good idea to explore your options. You may find that a vocational program at a community college will help you achieve a career you’re passionate about. On the other hand, you can decide that a degree is a path you want to follow.
Whatever you choose, remember there’s no one correct educational or professional path. Whether the secondary school is the first stop or you want to continue, you can always earn a degree later in adulthood. You can use education as a tool in the way that works best for you.
Everybody has the capability of achieving financial security. It starts by taking small steps. One crucial step may be the first years of education. Financial security doesn’t require a high school diploma or a PhD. However, by investing in education, you can equip yourself with the means to further build upon. Education might help propel you closer to the financial goals you hope to reach.
References
[1] Education pays off, but you have to be patient, ILOstat, 2020Lucubrate Magazine January 2022
The picture on the top of the article: Adobe Stock
Why Education?
Other articles that give answers to the question; why education?
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