ExploringtheRelationshipbetweenEducationandIncomethroughScatterPlots
Introduction:
Intoday'ssociety,educationisoftenviewedasakeyfactorindetermininganindividual'sincomelevel.Whilethisrelationshipmayseemstraightforward,therearemanynuancestoconsider.Inthisarticle,wewillexploretherelationshipbetweeneducationandincomeusingscatterplots.
Educationvs.Income:
Oneofthemostcommonwaystovisualizetherelationshipbetweentwovariablesisthroughascatterplot.Tobeginourexplorationofeducationandincome,wewillcreateascatterplotusingdatafromtheUnitedStatesCensusBureau.
Tocreateourscatterplot,wewillusethepercentageofadultsineachstatewhohaveabachelor'sdegreeorhigherasourindependentvariableandthemedianhouseholdincomeineachstateasourdependentvariable.Whenweplotthisdataonascatterplot,weseeapositivecorrelationbetweeneducationandincome.Inotherwords,asthepercentageofadultswithabachelor'sdegreeorhigherincreases,sodoesthemedianhouseholdincome.
However,itisimportanttonotethatthisrelationshipisnotperfect.Therearemanyotherfactorsthatcaninfluenceanindividual'sincomelevel,suchasindustry,jobtype,andlocation.Inaddition,therearealsomanyindividualswhodonotfitthiscorrelation,suchasthosewhohaveahighincomewithoutacollegedegreeorthosewhohavealowincomedespitehavingadegree.
Educationvs.IncomebyGender:
Whilewehaveestablishedapositivecorrelationbetweeneducationandincome,itisalsoimportanttoconsiderhowthisrelationshipdiffersbygender.AccordingtoareportbytheNationalWomen'sLawCenter,womenwithabachelor'sdegreeorhigherearnonly74centsforeverydollarearnedbymenwiththesamelevelofeducation.
Tovisualizethisdifference,wecancreatetwoseparatescatterplots,oneformenandoneforwomen.Whenweplotthedatainthisway,weseethatthepositivecorrelationbetweeneducationandincomeisstrongerformenthanitisforwomen.Inotherwords,menwithabachelor'sdegreeorhighertendtoearnmorethanwomenwiththesamelevelofeducation.
Conclusion:
Whilethereisaclearcorrelationbetweeneducationandincome,therearemanyotherfactorsthatcaninfluenceanindividual'sincomelevel.Itisimportanttokeepinmindthatthiscorrelationdoesnotnecessarilymeanthathavingacollegedegreewillguaranteeahighincome.Additionally,itisimportanttoconsiderhowthisrelationshipdiffersbygenderandtoworktowardsclosingthewagegap.Byusingscatterplotstovisualizethisdata,wecangainabetterunderstandingofthecomplexrelationshipbetweeneducationandincome.