How can education help in improving extreme poverty?
Last year, when the UN or the United Nations committed to the agenda of 2030 for green development, they also had recognized the facts that eradicating poverty (in all forms and dimensions) is one of the biggest challenges all over the world and this is almost an unsuccessful requirement for green development. For the goals of Global Development, ensuring the best quality education for all is not only the key goal but it is also another common goal which can put an end to the extreme poverty that rules in the lands.
Given the altering nature of the economy, which is mainly driven by the advancements in the field of technology, it is more important to invest in capital and make sure that each and everyone has acquired the skills that they need to succeed in life. As per latest estimates, around 2 billion jobs might be replaced by Artificial Intelligence or automation within the end of the year 2030. Even the largest Israeli charities are working their bit to eradicate poverty and help the needy get what they are entitled to.
The Education Commission’s Learning Generation Report and UNESCO Global Education Monitoring Report offer vital evidence on the effect that education has on eradicating poverty and promoting economic and individual growth. Here are few interesting data to illustrate the link:
- Education certainly diminishes poverty
175 million people could be right away lifted from extreme poverty if all the children in the countries could leave their schools with the basic skills of reading and writing. This will lead to a 15% drop throughout the world. Absolute poverty could reduce by 30% from learning enhancements which have been outlined by the Education Commission.
- Individual earnings are increased through education
It has also been seen that education boosts earning by around 10% per every year of the school education year. For every $1 that is invested in another year of schooling, this increased by $5 in all the low-income nations and $2.5 in the countries with middle-income.
- Economic inequalities are eradicated due to education
When workers irrespective of their background, whether poor or rich, got the same level of education, difference between them in working poverty could reduce by 40%.
- Economic growth is promoted through education
Educational attainment explains more of the difference in growth rates between Sub Saharan Africa and East Asia. The GDP per capital in the low-income nations would be 70% lower than what it could be if kids were learning.
Therefore, as we see, there is a clear link between education and eradicating poverty. Make sure you get your children educated to build their future.