Effect of Education on Lifetime Earnings and Income
Does More Education Lead to Higher Incomes?
In short, yes. In the United States, higher education leads to higher income. It's pretty much a fact.
Want some data? Check out the best source of data: the Census Bureau's Statistical Abstract. There's a pretty strong correlation between educational achievement and income.
The data is pretty clear. The more highly educated you are, the more money you'll make.
The chart above shows educational attainment and income for 2009 based on the U.S. Census Bureau's Statistical Abstract.
A person with a HS degree made, on average $27,511. A person with a Bachelor's degree made, on average, $45.692. That's a helluva big difference.
And if you got more educated? Someone with a professional degree made approximately $86,440 while a doctoral graduate made $74,626.
In older age groups, the discrepancy between BA/BS graduates and Professional Graduates and Doctoral Graduates is even higher. It really does pay to get a PhD, an M.D., or a J.D.. Don't let some stupid article convince you that professional are no longer necessary.
Should You Go For It...?
Is education worth it?
Well, that's kind of up to you. It's individual. No one knows if you will benefit from an education at a particular college or university.
However, we can say with relative certainty that educated people earn more money than uneducated people. All things considered, you'd be better off going to college than staying at home.
The trick is to finish. There's not a whole lot of difference between high school graduates and associate degree graduates. An A.A. doesn't give you a whole lot of marketable skills that a high school graduate doesn't have. You want to have a full B.A., B.S., or some kind of professional degree.