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The Relationship between Education and Income
I
The Relationship between Educion and Income
The basic objective of this report is to examine the nexus between education and income level. For this reason primary data of marketing staff of Engro Corporation was gathered. This research included 40 officials of Engro Corporation. We gave survey paper or questionnaire to all of them and also informed them the reason behind this survey so they give correct answers.
Introduction
Education is the main pillar for any country’s economic sustainability. Education always play a major role in advancement of any nation. Education plays a key role in enhancing human values of any nation.
In many parts of the world, education is well known as integral part of human rights. Now education is considered more important than ever because the world is becoming a global village so more and more competition is out there. Technology and new inventions are spreading by each passing day. Therefore to cope with this challenge of advance tech era countries need to produce more and more educated and talented population. As a result, poverty and discrimination eliminates itself.
For all developing nations it’s important to carry out all possible efforts to educate their people. Resulting in better human living standards, better economic growth and more and more productivity in all economic sectors.
Pakistan as a developing nation, it’s in country’s favor to increase literacy rate which automatically decrease poverty ratio in country and increase and sustain social wellbeing.
With each passing day, demand of skilled and educated workers is increasing in all parts of the world. This demand proves that both education and income are integral part of each other. More educated people in country results more ratio of income per capita.
As literacy rate in Pakistan is very low as compare to SAARC countries. In past few years Pakistan government trying to decrease this illiteracy gap. To achieve this goal Government of Pakistan is increasing number of schools and recruiting well experienced and skilled teachers in all provinces of Pakistan. More over government main emphasis is on primary education, as primary education is the backbone of education structure. Due to all these efforts by the government, in recent years encouraging results are popped up. But still there is long long way to go. Also one education system is the need of time so that every student get equal opportunity to get same standard of education so there is no discrimination and stumbling among rich and poor.
Some other factors also leave huge impact on level of income. Training and experience despite of the education are also very important part to increase or maintain level of income. The level of demand that exists for the type of labor you are skilled/trained/educated to provide. How long you have been doing that particular job, seniority social networking and reliability are also very important part.
This survey is based upon following objectives:
- To observe the verifiable link between education and income level.
- To observe nexus between the variables itself.
- To observe short run relationship between variables.
- To discover the possibility of causality effects between the variables in Pakistan.
Population
The population is infinite for this research and all the marketing staff of Engro corporation of Pakistan is included in the population.
Target population
The population which is going to be studied here are the marketing employees of Engro corporation of Pakistan
Appropriate sampling Techniques
A ) Simple Random Sampling
The appropriate reason to use the simple random sampling that, it allows each item in the population to be included in the sample with equal probability of being selected.
B ) Stratified sampling
It is appropriate as the marketing staff of Engro corporation of Pakistan can be divided into different groups on the basis of their designation, incentives and some other similarities. After making these groups any element from any group can be selected in the sample.
C ) Convenience Sampling
As no planning is required for this sampling and the researcher can select any sample which is most convenient for him or her so this sampling technique can also be used.
Adopted Sampling Technique
Convenience sampling is adopted for this research
The limitation involved in this sampling is that, any kind of biasness could happen during sampling. For example, convenience sample can lead to the under-representation or over-representation of particular groups within the sample.
Sample Size for Current Study
40 marketing personnel are selected as a sample for this research
Nature of Data
The nature of data for this research is primary.
Data collection tools/Sources
As the nature of data is primary for research so:
- The questionnaire was used for the collection of data and it is given bellow
- Gender
- Male (b) Female
2) What is your education level?
(a) Matriculation (b) Bachelors or below (c) Master or above
3) What is your per month income?
(a)Below 20,000 (b) 20,000 to 40,000 (c) Above 40,000
2) The questions for this research are self created and these are selected for the questionnaire because they are relevant to our research.
3) Numerical scale is used for the above questionnaire because it is mostly used for ordinal data or where there is some interval in the data.
Data administration Process
As the data under our consideration is primary so :
- The questionnaire were delivered to the respondents by hand.
- We told the respondents about our research purpose so they were ready to give serious response.
- By hand the questionnaires were collected back from the respondents
Software for Data Analysis
SPSS is used for the analysis for the data in this research.
Data Analysis
Descriptive Statistics |
|||
N |
Mean |
Std. Deviation |
|
education |
40 |
1.6250 |
.74032 |
income level |
40 |
2.0000 |
.78446 |
Valid N (list wise) |
40 |
||
income level |
|||||
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
below 20000 |
12 |
30.0 |
30.0 |
30.0 |
|
20000 to 40000 |
16 |
40.0 |
40.0 |
70.0 |
|
above 40000 |
12 |
30.0 |
30.0 |
100.0 |
|
Total |
40 |
100.0 |
100.0 |
||
The data shows In the sample of 40 marketing personnel of Engro Corporation of Pakistan there are 12 employees whose income is below the 20000 and 16 employees having income in between 20000 to 40000 and there are only 12 employees who are having the income above 40000.
Education |
|||||
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
matriculation |
21 |
52.5 |
52.5 |
52.5 |
|
bachelors or below |
13 |
32.5 |
32.5 |
85.0 |
|
masters or above |
6 |
15.0 |
15.0 |
100.0 |
|
Total |
40 |
100.0 |
100.0 |
||
The data shows In the sample of 40 marketing personnel of EngroCorporation of Pakistan there are 21 employees having matriculation degree and 13 are bachelors and only 6 having the master degrees.
gender |
|||||
Frequency |
% |
Valid % |
Cumulative % |
||
male |
33 |
82.5 |
82.5 |
82.5 |
|
female |
7 |
17.5 |
17.5 |
100.0 |
|
Total |
40 |
100.0 |
100.0 |
||
The data shows In the sample of 40 marketing personnel of Engro Corporation of Pakistan there are 33 employees are male and only 7 are females.
Education level (Variable)
N=40
Mean=1.6250
Standard Deviation=0.74032
Income level (Variable)
N=40
Mean=2
Standard Deviation=0.78446
.
StatisticalHypotheses
The best way to determine whether a statistical hypothesis is true would be to consider the whole population. Since that is often impractical, researchers use a random sample from the population. There are two types of statistical hypotheses.
- Null hypothesis. The null hypothesis, denoted by H0, is usually the hypothesis that sample observations result purely from chance.
- Alternative hypothesis. The alternative hypothesis, denoted by H1or Ha, is the hypothesis that sample observations are influenced by some non-random cause.
- Study Hypothesis
- The hypothesis for this research is
- (H1) Income level is dependent of education.
- (Ho) Income level is independent of education
- Appropriate Analysis
- In our research we are trying to find out the independence of income level with respect to the education so the test of independence (Chi-square) will be used for the analysis of the above said topic.
Chi-Square Test Education |
|||
Observed N |
Expected N |
Residual |
|
Matriculation |
21 |
13.3 |
7.7 |
bachelors or below |
13 |
13.3 |
-.3 |
masters or above |
6 |
13.3 |
-7.3 |
Total |
40 |
||
Chi Square test give us the following tables in it the Observed Frequency of matriculation employees are 21 and Expected Frequencies 13.3 the residuals are 7 and 13 observed frequencies of bachelors and residuals are -3 and in masters 1303 are observed and -7.3 residuals mean the data are not explaining them.
Income level |
|||
Observed N |
Expected N |
Residual |
|
below 20000 |
12 |
13.3 |
-1.3 |
20000 to 40000 |
16 |
13.3 |
2.7 |
above 40000 |
12 |
13.3 |
-1.3 |
Total |
40 |
||
Test Statistics |
||
education |
income level |
|
Chi-Square |
8.450a |
.800a |
Df |
2 |
2 |
Asymp. Sig. |
.015 |
.670 |
a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 13.3. |
||
The Chi Square formula is
X2 = (O - E)2/E
where O is the Observed Frequency .
E is the Expected Frequency in the corresponding category
is sum of
df is the "degree of freedom" (n-1)
X2 is Chi Square .
As the value of chi-square for education is greater than 0.5 so it is concluded that the income level is dependent of education so null hypothesis is rejected for this research…
Histogram
A histogram is a graphical representation of the data..the data should be quantitative veriables. It is first introduced by Karl Pearson.
The figure shows the data is normally distributed and histogram is symmetric or normal.
In the case of Education the figure shows the histogram is right skewed and more educated employees having more income and less educated employees having low income.
Discussion and Conclusion
We get a Equation as
Simple Equation: More Education = More Income
The findings indicate that education factors play a significant role in making income.there is direct relation ship between income and education as the income increase education also increase. Also suggest that devoting more to education is to reduce the level of income inequality within a country..As country can build a strong foundation for economic success by investing in education.
States can increase the strength of their economies and their ability to grow and gain high-wage employers by investing in education and improving number of well-educated employees.
Investing in education is also best for state s in the long run, since workers with higher incomes make part more through taxes over the course of their lifetimes. So in Pakistan there is need to increase Govt budget for education so everyone can get education .As mostly people have low income either by own self or parents so they don’t continue their studies so literacy rate is up and vice versa income level low.in our country as education expenses is very high a man having low income cann ot proceed the ducation and cant participate in growth of economy of their country.
Directions for future Research
1.Future research should consider some other veriables like skills, experience, competence, diligence, luck,
2.It should be addressed to increase the understanding.
3.This study was just on corporate sector of Pakistan, but it should be conducted in other sectorsof country.
4.In this stresearch data was primary having few variables; if this limitation can be increase in the future then results will be moreaccurate.
5. Future research should be done into different Sectors so as to observe the effect of income on education at international level.
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