How relevant is education, in money: what does the current disaster mean for children’s financial future?

Equal opportunities and the right to education have never been more abstract in Romania than during the pandemic. Unfortunately, this disastrous period will have a serious impact on the financial future of students.

From the moment the Ministry of Education and Research washed its hands of the responsibility of starting the new school year, placing the task on the inspectorates and the units of the Learning, I realized that the future does not sound good. In recent days, I have talked to many panicked parents who do not know exactly how online school works, what they need, how they can help their children. Given that auctions are now being held for hundreds of thousands of tablets, I do not even want to think about the situation in rural areas.

After many Romanian children lost three months of school last school year, the situation is not very optimistic even now. In this context, a study by the Organization for Economic Co-operation and Development (OECD) tried to associate some financial values with these periods in which children practically do not learn at all or In the most optimistic case, they make it inefficient.

Three months without school means a loss of 3% of the child's future money. If you can live with this and think you have no children, so you are safe, keep in mind that the same deprivation of education for a period of three months is reflected in an economic loss of 1.5% across the country. On the other hand, each school year determines an average increase of 7.5 – 10% of the income obtained throughout life.

If it was not already obvious, the OECD warns that the biggest impact will be seen where children are already more disadvantaged socially.

To associate exact figures with this worrying trend, the OECD has applied the above percentages to major global savings.

Leave a Reply

Your email address will not be published. Required fields are marked *