Education Affects Family Income

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They say that education is the best way towards a better future. Indeed, education can help you arrive challenges, make smart decisions and acquire better job opportunities. This is the reason that many individuals pursue higher education because of its benefits, not only for the individual but for the entire family.

As the value of education increases each new day, the cost of education parallels. Subsequently, it is becoming more and more difficult to obtain higher education. Family income level is attributed to several factors, one being the level of education. Generally, the socioeconomic status of a family can be determined by the educational attainment of the heads of household. Today, education is paramount for every family as it serves as an identification marker towards a better future and secured financial source for latter years.

Numerous studies show that there is a positive relationship between family income and education. Depending on the educational level of an individual, the income level of the family can immediately be identified. If you will compare the income of a high school graduate degree holder to a bachelor’s degree holder, you will see that there is a great difference between the two. According to US News & World Report,the median annual earning for full time working 25-to 32-year olds with a bachelor’s degree grew nearly $6,700 to $45,500 from 1965 to 2013. While median annual earnings for high school graduates in that same age group fell nearly $3,400 to $28,000. The analysis made from these studies only reiterate that securing a decent income in most careers is related to the highest level of educational attainment obtained by an individual. I can attest to this personally. I remember working at McDonalds during my university years and not being able to pay half of my bills. It was a struggle day in and day out. Ironically, it’s that same battle that pushed me to finish my degree. After earning a degree and being hired because of it; my first year I made twice as much a paycheck as I was making at McDonalds. Each year after it kept increasing and increasing. I didn’t have to worry about borrowing money to make ends meet. Earning a Bachelors degree was one of the best decisions I made not only for myself but also for my children.

Recent studies show that families with lower educational backgrounds suffer greater than those with higher educational attainment. According to these studies, there are other correlated factors that affect a family’s income and educational background. In most cases, educational outcomes can be affected by parental education, the innate ability of the person and lastly, the parenting styles that can elevate the status of a family.

Some experts believe that income in the family solely depends on the educational level of a person. Although this is a proven fact, there are cases of outliers who have outstandingly high income despite that they didn’t finish formal education. However, this is not the case today. The fact that the standards of the world have changed extremely, people believe that completing one’s education is still the most valuable treasure on earth. Most of us hold on to the belief that completing formal education will bring financial stability for the whole family.

Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family.— Kofi Annan

Indeed, education is an essential factor in improving the quality of life for a family. As much as possible, every family should strive to have a college graduate to broaden the possibilities for financial growth. Planning for education of the children should be well managed in the family in order to cater the best that education can offer. As it becomes a necessity for men, we should look forward to getting a higher educational attainment or completing a course until the end. Success is possible for those who make it a priority.

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