In contemporary times, almost as a cultural practice, education has been elevated to the level of an initiation rite into the modern world. With the aid of formal educational training, people acquire the skills of reading and writing. It is obvious that literacy, the ability to read and write, has become a requisite for coping with numerous challenges of modern times. As a strategy for ensuring that no child is denied the opportunity of acquiring formal education, not sending a child to school is a criminal offence in some parts of the world, especially in the West. In addition, some governments assist their citizens to acquire formal education by either subsidising the cost or making it available at no cost (at the basic level, at least).
It is impossible to fit into the modern times if one does not go to school. Consequently, education is a necessity, not a luxury. People’s attitude to education in contemporary time appears to suggest, in fidelity to Platonism, that it is better to be unborn than to be uneducated. The demand for education in different parts of the world is unarguably on daily increase. People make numerous sacrifices to acquire education. Parents are willing to give all they have in order to see their children through school. Some people travel to foreign countries in order to acquire quality educational training. Acquiring formal education has become one of the greatest priorities in life today.
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It is imperative to remark that education is a means to an end, but not an end in itself. The implication of this is that education is a process that leads to the making of a product. The process is incomplete without the product. It is the product that gives value to the means. The quality of the process can be inferred from the quality of the product. As a means, education is incomplete without the end of the process. This end is the purpose it (education) is designed to serve (under ideal situation). Let us justify our claim that the expected impacts of education are absent is the life of many educated people by examining a very sensitive aspect of life of educated people, their finances.