Introduction

There’s a trendy statement among today’s youth that ‘university is a scam.’ But is there any truth to this claim?

• Objective:
  • Determine if there is a positive correlation between higher education and higher employment rates
• Target Audience:
  • Policy makers involved in education and labor policy decision,
  • Students and youth,
  • Job seeker and workforce participants,
  • General public
• Data Range:
  • The first 3 analysis focuses on Australians aged 20-64 and the last plots is based on Australian aged 15-74
• Data Source:
  • The data set is obtain from the Australian Bureau of Statistics (February 2024)
• The original data set has been pre-processed on excel to make the analysis easier

Employment Rates by Education Level in 2024

• As demonstrated above, higher levels of education correspond to higher employment rates

- Examining data from 2016 to 2024, the trend remains consistent: higher education levels are associated with higher employment rates

• This interactive plot shows that the gap between full-time and part-time employment widens with higher education levels, with more people employed full-time as their education level increases

• By examining the average weekly income, it becomes evident that as the number of qualification increases, it correlate with higher incomes

Conclusion

• The analysis reveals a clear trend: higher levels of education consistently lead to higher employment rates. This pattern holds true over the years from 2016 to 2024, indicating the enduring importance of education in securing employment opportunities.

• Furthermore, the disparity between full-time and part-time employment widens with increasing education levels, highlighting a preference for full-time employment among individuals with higher qualifications.

• Additionally, the correlation between the number of qualifications and average weekly income is evident. As individuals attain higher levels of education, their incomes tend to increase, emphasizing the economic benefits associated with advanced education.

These findings underscore the significance of education in shaping employment outcomes and income levels, emphasizing the value of investing in higher education for individuals and society as a whole.

Reference

• Australian Bureau of Statistics. (2024, April). Labour Force, Australia, Detailed. ABS. https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia-detailed/apr-2024. (Table 24b. Labour Force status for 20–64-year-olds by Level of highest educational attainment (ASCED) and Sex)

• Australian Bureau of Statistics. (2022-23). Qualifications and work. ABS. https://www.abs.gov.au/statistics/people/education/qualifications-and-work/latest-release. (Table 4)