Qualifications the key to a fat wallet

Regardless of upbringing or life plans, the biggest driver in boosting the size of a bank account is a university qualification, new figures show.

The Australian Council for Educational Research has found that getting a degree will increase earning potential by almost a third (31 per cent) on average, while apprenticeships typically result in a pay packet that is 23 per cent bigger than someone without any formal qualifications.

Commenting on the findings, the author of the new report Gary Marks said that other factors such as social background had a minimal impact on overall earning potential.

“The results indicate social background plays only a small role in accounting for differences in occupational status and earnings, indicating education is enhancing social mobility,” he insisted.

Elsewhere, the Advertiser has warned today’s younger generation that the key to a prosperous future lies in ploughing cash into savings accounts and avoiding reckless spending sprees.