Do we need education to defeat unemployment rate?
In a world where attention is both highly valuable and challenging to capture, business owners and influencers are in a constant race to reach a wider audience and boost their earnings. Social media has become more than just a platform for interaction—it’s a primary revenue source for millions of entrepreneurs. We’ve all encountered influencers promoting Amazon FBA or Spotify stores in our feeds, and likely seen those so-called dropshipping “gurus” selling courses with promises of financial freedom. Many of these influencers share the same story: “Why go to college when I can teach you to make millions? Don’t you want to earn more and retire early?” This enticing narrative might sound ideal, but it raises critical questions. Can we take a step back and understand the potentially harmful consequences of these messages?
With social media, millions of users—some as young as 13—are just a click away. At this young age, many can see influencers claiming that traditional education holds little value. The impact of these claims on young, impressionable minds is concerning, and the data backs this up. Studies reveal a surge in social media usage, tripling since 2010, and a corresponding decline in college enrollment rates. While this correlation does not prove causation, it does paint a troubling picture. Social media influencers, by flaunting lavish lifestyles filled with luxury items and high-end cars, are subtly—or sometimes overtly—promoting the idea that wealth is attainable without formal education. Often, these influencers aim to sell something, whether it’s a course or a product, and their goal is to make money, occasionally under the guise of “helping” their audience. While some of these courses may hold value, a significant number of influencers push the message that “education is worthless” or “college degrees are useless,” an idea that is factually and statistically misleading.
The truth about education and wealth is more complex. A recent Forbes article reveals that 84% of the world’s top 400 wealthiest people hold at least a bachelor’s degree, and 24% of them attended Ivy League institutions. Furthermore, a study by Ramsey Solutions shows that 88% of millionaires have a college degree, and 52% hold doctorate-level qualifications. This data alone contradicts the claims made by influencers dismissing formal education. Nearly nine out of ten millionaires have a college education, and about half hold advanced degrees. Even for those not aspiring to become millionaires, education significantly impacts earning potential. For instance, according to the Tax Foundation, 78% of people earning $200,000 or more annually have at least a bachelor’s degree, compared to just 9% of those without formal education who reach that income level.
This misleading narrative from social media influencers undermines the true value of formal education, suggesting to young people that it’s easier to achieve wealth without a degree. The reality, however, is that income levels correlate closely with educational attainment. Higher education levels tend to foster desirable traits like innovation and problem-solving. This helps explain why so many successful individuals are well-educated. The value of education lies not only in the knowledge acquired but in developing the ability to think critically and solve complex problems. These skills are part of why education remains essential to personal and professional success.