Education tends to pay off. Higher educational attainment is associated with higher earnings, lower unemployment and better health. In the Future of Children, Neeraj Kaushal explains that education also influences important lifestyle decisions such as marriage, sex, childbearing, and substance use.
Importantly, parents' education not only affects themselves, but also affects the wellbeing of their children. Better-educated parents often pass down the tradition of education to their children along with its benefits. The intergenerational payoffs of education are persistent and perhaps even underestimated.
While some families benefit immensely from education, other families face structural obstacles to advancing their socioeconomic status via further educational attainment. Racial and ethnic disparities are apparent by education, and children with less-educated parents are less likely to succeed in school. Furthermore, Kaushal points out, the U.S. education system reinforces socioeconomic inequality across generations by spending more money on educating richer children than poorer children.
These challenges lend support to the idea of targeting education-related interventions toward less-educated parents and their children. This might be done via a two-generation approach in which parents and children are served simultaneously. While the theoretical basis for these programs is strong, the empirical evidence is only emerging. What we do know is that investing in parents is likely to have a lasting effect on children's health and development, which in turn increases their wellbeing as adults. There is also evidence that adult offspring's educational attainment influences the health and life expectancy of the parents, even after accounting for parents' socioeconomic resources. This may be due to children's knowledge of health and technology they share with their parents and having more financial means to support them. It's arguable that investing in programs that aim to increase parents' education and skills at the same time as they invest in children's development could go a long way to reduce intergenerational inequality.
For more information about two-generation programs, see the Future of Children volume Helping Parents, Helping Children: Two-Generation Mechanisms.