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Children in low-income households do less well than their better-off peers on many outcomes in life, such as education or health, simply because they are poorer.  Increases in family income substantially reduce differences in schooling outcomes and improve wider aspects of a child's well-being.

Lowest income students' learning level is up to four years behind the highest income students. LAGGING BEHIND Standardized tests in recent decades indicate that the academic achievement of the poorest U.S. students is several years behind that of their wealthier peers. 

This bring us to the issue of education inequity: Children from low socioeconomic backgrounds have less access to quality learning materials and resources such as books and tutors needed for a positive literacy environment, and consequently enter high school with average literacy skills five years behind children coming from high socioeconomic backgrounds. Lack of resources and misinformation put children from low socioeconomic backgrounds at a great disadvantage. According to the Funding Gaps report of 2018 by the Education Trust, students studying in the highest poverty districts receive 1000 USD less per child than students studying in the lowest poverty districts. In several countries, schools ask for a “student fee” and payment for pursuing certain activities and classes. Along with that, expenditure on mandatory school uniforms, stationery items, etc, put the already disadvantaged students even more behind than their wealthier counterparts. 

Today, education remains an inaccessible right for millions of children around the world. More than 72 million children of primary education age are not in school and 759 million adults are illiterate and do not have the awareness necessary to improve both their living conditions and those of their children. In many countries throughout Africa, “informal fees” and payment for “compulsory items” exists and often, in countries having mainly private schools, families have to choose between their daily bread and their child’s education. Various researches conducted all over the world such as research in Lagelu local government in Nigeria or research by the International Journal of Indian Psychology all point to the same conclusion- socioeconomic status is a significant factor in the academic achievement of students. 

Education gives you an opportunity to build a foundation in which you can accomplish greatness. When you are educated you become confident enough in your skills and offerings and you can build up your career through that confidence. According to the U.S. Census, 2013-2017 American Community Survey 5-Year Estimates, income is correlated to educational attainment. For example, in Virginia, a high school graduate earns an estimated amount of 30,460 dollars while the estimated income of a person holding a professional degree is 3 times more at 103,027 dollars. Basically, the higher your educational attainment, the higher is your income. It can be generally argued that, in today’s competitive world, education is imperative to success.