Education’s Economic Benefits

It’s difficult to quantify the importance of a college degree. As parents, teachers, and employers have told us, education is a path to a better life. Even so, we have to consider how far we’ll have to go to get the lifestyle we want. For some people, finishing high school and starting a job or going to school for a doctorate is a matter of personal preference and self-worth. It’s critical to examine the data.

In the previous few decades, children born to parents who lack a college degree have become more and more poor.

There has been an increase from 68 percent to 73 percent in the percentage of low-income children whose parents lack a high school diploma.

There was an increase from 38% to 43% of low-income children whose parents have a high school diploma but no college degree.

The proportion of low-income children whose parents have completed some college fell from 18% to 15%.
As a result, our children’s lifestyles are directly influenced by the education we receive. It is more likely that your children will be impoverished if you have a lesser education than if you have a higher education. The importance of education in raising children who have a possibility of succeeding is obvious.

An average of $34,700 was earned by adults between the ages of 25 and 64 each year (2). Take a look at the following data:

  1. The average annual wage for high school dropouts is $18,900.
  2. The average yearly salary for high school graduates is $25,900.
  3. The average annual salary for college grads is $45,400.

An annual salary of $99,300 is the norm for those with doctoral degrees.

Having more education will lead to a greater salary. The average income of a doctoral degree is more than five times that of an illiterate person in a single year, as may be deduced from these figures. Over the course of a 30-year career, this may total up to $2.4 million. An investment of $50,000 to $100,000 in school will pay for itself many times over in the course of your career. What is your opinion on the importance of a college education?