Good day fellow steemians and welcome to my blog.
It is obvious that higher level of education is mutually related to higher level of wealth; that is the higher the income, the higher the level of education but how are they explicitly related?
Let's first take a look at what Education and Wealth is.
Education has countless definitions and meanings depending on the perspective of the person defining it. Education is an act of imparting, sharing and acquiring knowledge, skills, ideas etc either formally (in any citadel of learning) or informally while wealth refers to accumulation of income and other riches.
Education can also be said to mean a placement of expectations in human knowledge to increase effectiveness and productivity.
Education is not centralized only on going to school, attending lectures and bagging a certificate in a particular field of study, it is not centralized on degrees that are being conferred to us at universities but generalized on every aspect of life that involves learning, knowledge acquisition, idea sharing etc.
When we talk about the relationship between education and wealth, the focus should be on income. Empirically, an individual's level of wealth is based on his/her level of education. The type of degree is also essential, a professional degree for example will definitely command high level of income which will eventually constitute to high level of wealth.
According to Eurostat data from 2013, the average salary for those with a high level of education (at least one year of tertiary education) in the EU was approximately 50% higher than those with a medium level of education (secondary/high-school), and a humongous 70% higher than those with only a low level of education (anything below secondary/high-school). The basic correlation was consistent across all member states, but the highest disparity between wages by education level was in Portugal – the average hourly earnings there were three times higher than for those with a low level of education. Source
The safest and easiest method the government of a particular nation can adopt to improve and stabilize economic condition of a country and standard of living of individuals and households with low income is investing in education.
Investing in education can also lead to reduction in unemployment and crime rate if not totally eradicated.
Education helps individuals to perceive opportunities and make use of them effectively and efficiently which will constitute to both increase in wealth of individuals and increase in the nation's standard of living at the long run.
I know some people will have this notion in mind that we have lots of people that are less educated and became successful.
Apparently, people without degrees or those with less education can be successful, they can also accumulate wealth and a typical example is Bill Gates (who got into Harvard with a nearly perfect SAT score and dropped out in his junior year to start Microsoft) but do you think he just sat down at home and started making oodles of money, HELL NO. He acquired knowledge from different sources which education is also a part. What I’m trying to say in essence is that even if you don’t have a college degree, don’t assume you can’t earn an average or above average income.
Fortunately, the internet is there with different information and resources that u may want, you can take a few lectures out of it which can assist you in continuing your education thereby acquiring skills and knowledge in your specific field of study or workplace which in the long run will eventually increase your income and definitely maximize your wealth.
Thank you for reading!!!