Did you know that the 17th of October is called the International Day for Eradication of Poverty? The federal lawmakers and the authority members ensure that by guaranteeing good quality education for all, it can help in ending extreme poverty of the poor and the needy people. When the United Nations made a commitment to the 2030 agenda for offering sustainable development, they identified the fact that abolishing poverty in all dimensions, forms, including extreme poverty, is probably the biggest challenge for offering sustainable development.
Keeping in mind the challenging nature of the global economy which is driven by globalization and the technological advancements, it is more necessary to invest in human capital to make sure that the skills of everyone can succeed. There are organizations where they help the poor with employment so that they can gradually bid goodbye to poverty and start living on their own means. Here are a few ways in which education can remove poverty.
1. Education can shrug off poverty
You’ll be rather surprised to know that you could lift 172 million people out of poverty if the children left their schools with the basic writing and reading skills. This will mean an overall 12% drop in the total of the world. This could even reduce absolute poverty by 35% of all sorts of learning improvements that are given by the Education Commission.
2. Education can reduce economic inequalities
If the workers from both rich and poor background got the same education, this would decrease the disparity between the two in working poverty by at least 40%. With diminished inequalities, education is a boon to eradicate poverty.
3. Education boosts personal earnings
Education can boost earnings by around 10% of every added year of schooling. If you take into account each $1 which is invested in an added year of schooling, the earnings could increase by around 5% among the low-income nations and $2.5 in the low middle-income nations.
4. Education boosts the growth of the economy
Educational attainment can explain more than half of the difference that you find in growth rates between Sub-Saharan and East Asia between 1970 and 2016. In the year 2050, the GDP per capita of the countries with low income would be around 75% lower than what it would be if all the children had facilities for education.
Therefore, as we can see, education can clearly put an end to poverty. Hence, we all should invest our time and effort in helping the organizations which work to put an end to poverty and increase employment opportunities.