Economists spend much time studying how education affects a person’s income. But schooling has benefits beyond those measured in dollars and cents. Some of these nonmonetary benefits showed up in a poll of the American public conducted by The New York Times Magazine (reported in the May 7, 2000, issue).
In one question, people were asked, “Do you agree or disagree with following statement: It bothers that my life did not turn out as I expected.” Among those who ended their education with a high school diploma, 30 percent agreed with this statement. Among those with a college degree, only 28 percent agreed. And the percentage fell to 23 percent for those with some education beyond college. Schooling is clearly related to overall satisfaction with life.
Part of this higher satisfaction reflects the higher income that schooling yields. As the nine-century writer Jane Austen put it, “A large income is the best recipe for happiness I ever heard of.” But education produces satisfaction in other ways as well.
The Times pool asked, “Do you agree or disagree with the following statement: It has become more difficult to find true love in society.” Among high school graduates, 67 percent agreed with the statement. Among college graduates, 53 percent agreed. And among those with some graduated education, only 39 percent agreed. Apparently, education improves not only financial security but also a person’s love life.
Perhaps this result is not surprising. As any reader of Jane Austen’s novels is well aware, success with money and success with love often go hand in hand
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