Is there a correlation between educational level, wages and unemployment? Most people would probably answer yes to this question, and if asked what this correlation is would no doubt reply that the higher the educational level, the more likely a person is to be employed and to be in a high-earning job.
This is indeed the case, but by using our data we can be much more specific and put figures to the theory. Using data from 2013/2014 for Britain, we can see that amongst those with no qualifications, the average wage is £15,260, whilst the unemployment rate is a high 16%. At the other end of the scale, amongst those with a degree or higher, the unemployment rate is just 4% whilst earnings are an average of £34,026.
The graph below shows the correlation in more detail for all levels of education, and it is clear from this that along with the many other benefits education brings, employment and earnings prospects are high on the list: