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School success 'boosts wages by £140,000'

03/03/2015 Joanna
Succeeding in school boosts a person's average lifelong earnings by £140,000, according to a new analysis of the economic benefit of education.

The study shows that achieving five A* to C GCSE grades, including English and maths, adds £80,000 to a student's earnings over their lifetime. Going on to achieve at least two A-levels adds a further £60,000 to their wages.

Carried out by the Department of Education (DfE), the research involved in-depth economic analysis of more than 400,000 people with different levels of qualifications. The data was obtained from the Labour Force Survey from 2006 to 2013.

It involved more than 6,000 individuals with five A* to C GCSE grades, including English and maths, as their highest qualification, along with over 6,000 people with A levels as their highest qualifications.

The Institute of Fiscal Studies advised on the methodology used in the analysis and has given full quality assurance to its implementation.

Education secretary Nicky Morgan said: "Our plan for education is working - there are now a million more children in good or outstanding schools. 

"And we have presided over a 60 per cent increase in the proportion of young people studying core academic GCSEs - the qualifications that these figures show open doors to future success and employment."

The research also reveals the wider benefits of education. More than £1.3 billion will be added to the country's economy as a result of the increased number of pupils getting good GCSE grades.

Extensive analysis was carried out on GCSE results from 2010 to 2013, during which the proportion of pupils leaving school with five A* to C GCSEs, including English and maths, rose from 44.1 per cent to 47.8 per cent.

Posted by Theo FouldsADNFCR-2164-ID-801778067-ADNFCR
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