Value of education rises in crisis

Value of education rises in crisis: OECD

  •  The jobs gap between well-educated young people and those who left school early has continued to widen during the crisis. A good education is the best insurance against a lack of work experience
  • Unemployment rates are nearly three times higher among people without an upper secondary education (13% on average across OECD countries) than among those who have a tertiary education (5%).
  • Between 2008 and 2011, the unemployment rate for the poorly-educated rose by around 4 percentage points, while it increased by only 1.5 percentage points for the highly educated.
  • The crisis has also widened the earnings gap: the average difference in earnings from employment between the low educated and the highly educated has risen from 75% across OECD countries in 2008 to 90% in 2011. On average, the relative earnings of tertiary-educated adults are over 1.5 times that of adults with upper secondary education. People with upper secondary education earn 25% more than their peers who left school early.
  • The crisis has halted the long-term trend of rising investment in education. Public spending on educational institutions between 2009 and 2010 as a percentage of GDP fell by 1% on average across the OECD area.
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