Yes, Standard of Living correlates with higher education, because the latter is included in the measurement of the former.
Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.
How does education affect the standard of living?
Education brings about awareness and increases opportunities for growth and development. On the individual level, education brings about economic opportunities and improves individual standard of living. The variables used include per capital real GDP, government expenditure on education and health.
What is the relationship between education and income?
Table 1 below shows a significant relationship between income levels and educational attainment. Basically, the higher the education level, the higher the income. For example, people with professional degrees earned 6x as much as people who did not graduate from high school (in 2009: $128,000 vs. $20,000).
What does standard of living mean and how is it used?
A standard of living is the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area. The standard of living includes basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity.
What factors affect standard of living?
The following is a list of factors that are used to determine a country’s standard of living:
- Household income.
- General health of a population.
- Life expectancy of the members of a population.
- Availability and quality of housing.
- Level of crime.
- Access to health care.
- Access to education.
- Access to social services.