College remains the great socioeconomic equalizer

College remains the great socioeconomic equalizer
Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.

CLARKONOMICS: Is college worth it for your future? While the basic answer is “yes,” going to college can be more important for you the lower you start out on the socioeconomic scale.

The Economix blog of The New York Times reports the Treasury Department examined the impact a college degree can have on a child born into a poor family. Without a degree, poor kids have a roughly 50/50 chance of remaining in the bottom 20% of income earners. But getting a degree — any kind of bachelor’s degree — gives a poor child a better than 80% chance of being middle class or above.

Birth does not necessarily have to be destiny. It is true there are built-in advantages to being born into an affluent family, and inherent disadvantages if you’re born into poor family. But the reality is that wealthy kids who have no drive and no ambition and just want to live off the family’s money until it is gone probably won’t do well.

When you’re a poor kid, you’ve got a lot to overcome. There’s no doubt about that. But education is the breakthrough that allows you to live a different future than what you saw growing up in your family.

Clark Howard About the author:
Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to put more money in your pocket, with advice you can trust. More about Clark
View More Articles
  • Show Comments Hide Comments