Now, in this era of constantly changing characteristics, education is a key resource for personal and collective development. It represents not only a bet on individual future but also on the progress of our communities. Can then investment in education facilitate access to better job opportunities? Below, we explore this question.
Investment in the future is considered as an investment in the future. A study by the Organization for Economic Cooperation and Development (OECD) estimates that university graduates earn on average 56% more income than those who only have secondary education. Analysts cite how this finding underscores the fact that higher education improves not only income potential but also the ability to find work.
Another great advantage of education in the workplace, according to analysts. As an example, in 2018, university graduates aged 25 to 34 earned 38% more than high school graduates, and for those aged 45 to 54, the difference was 70%.
Regarding the Spanish context, a report from the Ministry of Education, Vocational Training, and Sports indicates that university graduates earn on average 55% more than those with a secondary education degree, which places importance on higher education to improve salary prospects.
Reducing unemployment
Unemployment rates go along with the educational level. According to research from the European Union, unemployment among adults aged 25 to 64 with tertiary education is dramatically different from other cases and, therefore, in a low range compared to adults who completed only secondary education or less. This shows the relevance of continuous and specialized education to stay competitive in the labor market. It is vitally important to point out that, in the face of rapid changes demanded by new technologies, there is a demand for training that responds to the current context. “Our experience supports the idea that vocational training provides not only practical skills and knowledge that are aligned with labor market demands but an increase in employability that is quantifiable and statistically significant,” said Sergio Baeza, director of academic policies for IBP Vocational Training.
Investment in education provides not only technical skills but also a capacity for abstract thinking, critical reasoning, and the ability to adapt to change, all vital qualities in a 21st-century environment defined by rapid technological change and globalization. Socioeconomic benefits
An investment in education ensures that the benefits of investment are transferred from individuals to society and the global economy at large. Data on this show that for every additional year of schooling, GDP per capita grows between five and fifteen percent. For example, Germany shows a GDP per capita of $51.8 thousand with 13.1 years of average education, while in Ireland, with 13.7 years of education, it reaches a GDP per capita of $91.1 thousand. An educated population is key to innovation, economic development, and poverty reduction.
Education is considered one of the essentials for promoting equity and equality of opportunities that allows people from diverse backgrounds to improve their economic and social situation and close these inequality gaps.
Available evidence reveals that investment in education is not only a means of personal development but also one of the basic stones for economic and social development. It provides access to a demanding and competitive job market, key to building a fairer and more prosperous society. This, therefore, means that education must be seen and promoted by governments as well as individuals as a significant resource to ensure that the future is full of great promises for everyone.
