Relationship Between Age, Education and Income - PDF
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Added on 2021-05-30
Relationship Between Age, Education and Income - PDF
Added on 2021-05-30
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Running Head: RELATIONSHIP BETWEEN AGE, EDUCATION AND INCOMERelationship between Age, Education and IncomeName of the StudentName of the UniversityAuthor Note
RELATIONSHIP BETWEEN AGE, EDUCATION AND INCOME1Table of Contents1.0 Introduction..........................................................................................................................22.0 Conceptual Framework........................................................................................................33.0 Methodology........................................................................................................................44.0 Data Analysis and Results....................................................................................................64.1 Description.......................................................................................................................64.2 Assumptions...................................................................................................................114.3 Correlation......................................................................................................................114.4 Regression......................................................................................................................125.0 Discussion and Conclusion................................................................................................13References................................................................................................................................15Appendix..................................................................................................................................17
RELATIONSHIP BETWEEN AGE, EDUCATION AND INCOME21.0 IntroductionA central role is played by education in the labour market of the modern day in UK. Alot of studies have been made over the years on this topic on UK and it has been establishedthat individuals with a better background of education are earning higher wages and lesseramount of unemployed individuals are found among the highly qualified individuals (Stone etal. 2018). The work performed by the individuals with a higher educational background aremost often more prestigious than the jobs performed by the individuals with lessereducational background. Though, due to lack of evidence, it has never been possible to studywhether the people with higher educational background earn more or the people who earnedmore could only opt for higher education (Livingstone 2018). According to various studies,the difference between the education groups have shown significant difference in the incomestatus of the individuals. Thus, the income groups had a very high correlation with education. On the other hand, inequality has been observed in terms of income as people growold. This inequality in come is lower in the households with younger earning members andhigher in households with older earning members (Van Deursen, van Dijk and Peter 2017).One important question that comes into mind for this observation is that whether thedifference in the ability to work of luck is the factor behind this inequality. Another factorthat can be responsible is that there are a lot of opportunities for a young individual than anolder individual (Willis 2017). If a younger individual is offered less salary to work, he mightlook for other options which is not available for an older individual. Thus rises the inequality.Thus, according to the discussed literature, it can be seen that there is a positiverelationship between the level of education and income and a negative relationship betweenage of an individual and income (Losonc 2016). As the education level increases, the level ofincome also increases and the younger people are earning more than the older people. The
RELATIONSHIP BETWEEN AGE, EDUCATION AND INCOME3main aim of this research is to establish the relationship between the age of an individual andthe level of education of an individual on the income of the individual. Aim of the Research: The relationship of age and education with the level of income.The first section represents the introduction and the background of the topic followedby the conceptual framework, research methodology, data analysis, discussions andconclusions in the following sections. 2.0 Conceptual FrameworkIt is often a very common verse that “Education is the key to success”. The mind of anindividual is broadened with the help of education. Education also helps an individual to facenew challenges and accept the failures. Confidence building is also one of the key helps ofeducation (Kawachi and Subramanian 2014). Education also opens the door to newer andbetter job opportunities to individuals. Though there are some exceptions to this theory. Forexample, Steve Jobs, the co-founder of Apple Inc., did not have any college graduationdegree. Again, Bill Gates, one of the richest persons in the world have no university degreeand yet they are earning millions. These little exceptions do not prove the theory wrong(Pickett and Wilkinson 2015).
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