While the world makes progress on some global issues – like lowering maternal mortality, eliminating deadly diseases and reducing the number of people living in poverty – the gap between the richest and poorest continues to yawn.
That’s true globally, but also within the so-called ‘developed world’. In the US and UK, two of the richest countries in the world, overall wage growth has failed to keep up with inflation while the super-rich gain an increasing share of wealth, pushing more people into precarious living situations.
Within education, this is key. Data going back decades shows that household wealth impacts educational outcomes, and various studies are also beginning to reveal how the pandemic only worsened this trend.
MoneyTransfers.com pulled together some of the key data.
Jonathan Merry, MoneyTransfers.com CEO, comments:
Wealthy parents have ever-more money to spend on trips, tutoring and resources for their children.
Meanwhile, lower-income households may not have money to spend on what can often now be vital equipment, such as fast internet access and devices like tablets and laptops to support learning.
This was particularly clear during the pandemic lockdowns, when the ability to have a quiet space with adequate room and good internet access was vital – and out of reach of many.