A college education is good for your well-being and your wallet

THE benefits of education should not need spelling out. But the OECD’s "Education at a Glance 2012" report published on September 11th provides reams of statistics that do exactly that. It shows that college-educated people live over two years longer, are more likely to vote, and are more supportive of equal rights for minorities. But it is in the job market that the rewards are particularly pronounced. Across the OECD, the 4.7% unemployment rate for people with tertiary education is around one-third less than for those with only upper secondary education (which involves staying at school after the age of 15/16). And the longer one remains in education, the greater is the reward, as the chart below shows. Completing high school generates an extra $4,000 in net income a year on average, and completing college should give another $12,000 on top of that. A college education is most beneficial in America, adding almost $20,000 to income a year (even after tax and social-security contributions).