NATIONAL UNIVERSITY OF COMPUTER AND EMERGING

SCIENCES

FAST SCHOOL OF MANAGEMENT

DOES EDUCATION HAVE A DEEP IMPACT ON THE
FINANCIAL SUCCESS OF INDIVIDUAL

SUBMITTED TO: SIR KHALIL ULLAH AWAN

SUBMTTED BY: MEHDIA FATIMA 21I-0058
USMAN SIDDIQUI 21I-0013
SHERYAR IMRAN 21I-0026
TALAL AHMED 21I-0020
SUBMISSION DATE: 8/12/2022
 ABSTRACT
We have conducted a research on “Does education have a deep impact on financial success of an
individual?” we did this research by preparing a questionnaire and get that filled by the people
living in “Islamabad” and “Rawalpindi”. Our purpose to check and evaluate the different factors
and roles played by education on financial stability and success of an individual. In Pakistan we
have different corporate sectors giving different pays so our objective is to check how their
salaries affect their financial behavior. Lower paid workers are affected as they have to struggle a
lot because of their education level.
Questionnaire were filled by a sample of 52 selected through simple random sampling. These
age groups were determined which are as follow.
 Under 20
 20-25
 26-30
 Above 30
The data was collected from FAST-NU, NUST and other universities. The collected data has
been tested through chi-square, and other charts, which include pie chart, bar chart etc. the
objective of this survey is to check does education have a deep impact on financial success of an
individual or not.
 DEDICATION
This thesis is dedicated to our parents who have supported and helped us in each and every turn
of our life and always standing by our side in our success and even in failures. Thank you for
being here for us.
I would also like to dedicate this thesis to my teacher Sir Khalil Ullah Awan who helped us
immensely in the whole project. Thank you for always being a remarkable teacher for us ever.

ACKNOWLEDGMENTS:
First of all, we would like to thank Allah Almighty, the most beneficial and the most merciful for
giving us the courage and motivation to complete this research. May his blessings bestow upon
us. Ameen
Additionally, we would like to acknowledge and appreciate Mr. Khalil Ullah Awan, our project
manager, for his invaluable advice. He was willing to inspire us, which was very helpful for our
project. He also gave us a tons of inspiration to work on this project. We also want to thank him
for making time in his hectic schedule for us and our questions. Without Sir Khalil Ullah Awan,
this research would not have been possible. We want to sincerely thank Sir Khalil for all of his
aid and for providing us with invaluable support, advice, and assistance throughout this project.
His cooperation and knowledge were essential to the accomplishment of this study.
We would also like to express gratitude to those who gave us their precious time and filled our
questionnaire and became a part of this survey.

CONTENTS:
CHAPTER 1
 INTRODUCTION
The financial prosperity of an individual is significantly influenced by their education. Higher

education translates into a person who is more useful and productive as a member of society. An

individual can become a successful and valuable member of society with the aid of education. It

is because people with higher levels of education eventually make more money. They support a

significant amount of growth as well. It implies that a quality education equips us with the

knowledge and abilities needed to succeed in life. We gain respect in society if you have a strong

education.

People with more education are better at making decisions, which is a crucial aspect of life.

Education improves a person's personality. People with education maintain their composure.

People with education are better at identifying their errors and fixing them. We become more

self-assured as a result of education, which allows us to make better attempts in life. If we have a

good education, we will possess all of these qualities. Money and education have a direct

relationship. Education develops critical thinking skills and is essential to financial literacy.

Higher educated individuals frequently find higher paying employment. The likelihood of

achieving financial success is typically relatively low in the world in which we live. Education is

therefore the key to a higher standard of living. A more civilized society is often created as a

result of education.

Consequently, there is a higher likelihood of economic success. We can think of education

because there is a significant association between it and money. In the twenty-first century's job

market, education has been crucial. In comparison to someone without a higher education,

someone with a higher education will be more easily qualified since they are ready to perform

the many duties that different professions require as well as adhere to employment standards.
Education is crucial, in my opinion, since it gives us the opportunity to form our own

perspectives on the world. All members of society have benefited greatly from education. By

allowing the community to establish a shared culture and set of values, it has helped it thrive

both socially and economically. Because of education, the world is what it is today, and because

of it, medical researchers have come very near to developing cancer treatments.

Most higher paying positions have specific skill requirements. We probably won't need a college

degree to operate machines, but it will be challenging to acquire an entry-level position in

administrative positions like accounting or in fields like healthcare, education, or law without

one. This is so because these occupations necessitate a complex level of education and expertise.

As a result, these sectors will probably pay more for these jobs. The industry in which you

choose to work, the area in which you choose to live, and the size of the business will all affect

your salary.

A college degree has many uses. Even if we decide to pursue a degree in a specialized field like

psychology or dentistry, there are a variety of occupations within each of these professions that

you may use your degree for. Also asserted is the possibility of self-learning for the abilities

required for even the highest paying positions, such as those in computer technology. This is a

fatal perspective to adopt since, even if we were able to learn a certain profession on our own,

especially in a field like computer technology, we could not be up to date with the most recent

innovations.

Newly developed, new goods, concepts, or services provide the foundation of emerging

industries. Emerging sectors are monitored by economists and financial experts because they
provide reliable predictions of where the market will be in the near future. The recent economic

slump has helped us find firms that are ready to fill the void for jobs that used to be the pillars of

international trade, and as a result, there are currently a number of rising industries in Pakistan

that are gaining traction. It's an exciting moment to choose a university major and future

professional path where you know your degree will pay off, whether it's engineering, science,

healthcare, or education. The ability to follow a curriculum from beginning to end allows you to

focus your energy on something other than your body and brain, whether you're learning

woodworking, business economics, singing, or coding. Gaining knowledge in a new subject or

talent might make us feel more motivated, purposeful, and upbeat about life in general. We will

gain time management skills as you advance through a university degree, along with how to

balance multiple things at once and communicate with a variety of people, including classmates,

professors, and business professionals. Future success depends on these abilities. We'll bring a

more precisely polished set of interpersonal and organizational abilities with you when you enter

the workforce—or return there if you're a mature student. All of which will enable us to succeed

at work and overcome the obstacles the working world presents to you.

A present that can expand your thinking and improve your quality of life is education. But there

are also other important justifications for going to school. We may be taken seriously, be able to

enter new markets, and have greater confidence as a result. Even while spending long hours in

the library or using a laptop at home to study can be challenging, we will gain many transferable,

life-improving skills in the time you spend in between tasks. Therefore, this project aims at

looking whether education plays a great role in the financial success of an individual or not.
 OBJECTIVES
 To examine the influence on economic development.

 To evaluate social development in modern society.

 To analyze reduction in unemployment.

 Evaluating employees getting high paying jobs.

 Gauging financial intelligence and capability of individuals.

 How can standards of life be impacted by knowledge?

 Does knowledge increase self-dependency?

 How can education be helpful in improving one's critical thinking?

 To evaluate if education impacts the earning of a person.

CHAPTER 2:
LITERATURE REVIEW
1. Education is one of the most vital and key factor in human capital formation. The

objective of the writer in this article to examine and evaluate the long run between

education and economic growth. The article focuses on the question “whether

improvement in education sector brings improvement in economic sector?” we

can say that it does bring the change as it plays one of the important part in

escalating economic growth by increasing skills and competencies

(Khan.J.Muhammad.2011).

2. This article investigates the role of higher education in economic growth of

Pakistan between the years 1972 and 2005. The analysis reveals that there is a

long run relationship between higher education and economic growth of Pakistan,

this shows that both of these two are necessary for each other. The results of the

casual test reveals that there is a uni-directional causality running between

economic growth and higher education (Mahmood.Y. Syed,2009).

3. This article is related to the role of education in improving the standards of living.

The promotion of higher living standards and the reduction of inequality are both

largely dependent on education. Therefore, the Pakistani government has made a

number of improvements to the educational system. 7,242 new teachers were

hired in Pakistan in 2007–2008, according to the A year's worth of institutions

were added, bringing the total to 231,289 in the country. There are a total of

81,103 private institutions and 164,579 in the public sector (Aziz.Shumaila.2010).

4. This article reviews about whether education play a part in financial success of an

individual. The influence of educational achievement on financial success is

reported and examined in this study. Additionally, this research aimed to

determine what the consequences are and what the effects are. Due to the direct

consequence this subject of discussion has on the prosperity and advancement of

one's country, it has become one of the main subjects of conversation among

parents, students, intellectuals, and politicians (Arikan.Gamzenur, Demirel.Ozgul,

Kurtoglu.Kubra, Ibrahim.Abdulaziz.2020).

5. This article is about how the education plays a part in evaluating and enhancing

one’s critical thinking abilities. Students are taught by their teachers in the class

how to learn and critically analyze the queries and finding solutions of those.

Moreover, it also enhances the perspective thinking side of an individual and

many more ways to improve this skill as it also correlates with financial success

when it comes to taking decision and solving the financial problems so education

plays an important role in this too (Stearns.Clio,Jasnani.Preeti.2022).

6. This article investigates about the descriptive analysis of education and earning.

The study shows that there is a positive analysis of higher education and income

of students. According to the findings of this article, students in the first model's

monthly wages are favorably and considerably influenced by the number of

completed years of education and experience. Students' monthly wages are rising

and have a big influence on their earnings at all educational levels (Faridi.Z.

Muhammad, Hussain.Shahzad, Bashir.Farrukh.2010).

7. The purpose of this study to see the relation of education and poverty. As the level

of education rises, the income increases and with the rising income standards of

living improves and hence reduces the poverty and boost the economic growth.

Poverty is one of Pakistan's biggest issues, and it's typically related to people's

lack of education. This paper examines the increase level of income with

increasing level of education from primary to secondary followed by bachelors

and masters and so on (Nasir. Hassan, Butt.Hamza.2012).

8. The objectives of this study were to share the features of the Keys to Financial

Success Curriculum the Keys curriculum is unique because it combines personal

finance lessons from a variety of sources, approaches the teaching of personal

finance using materials grounded in the economic way of thinking, and is flexible

enough to be taught by instructors from different departments (Meszaros.T.

Bonnie, Asarta.J. Carlos.2014).

9. Financial education always generates heated discussions in policy forums. Even

though many are excited about the potential of improving society’s financial skills

through these programs, rigorous evidence supporting them was scarce until

recently. Fortunately, the increasing rate of programs being implemented under

national strategies on financial education has contributed to the availability of

experimental studies (Frisancho.Veronica.2010.

10. We evaluated the impact of offering a financial education program to female

Filipino foreign domestic workers in Singapore. The program focused on the

importance of saving and controlling spending and remittances. We documented

two main findings. First, we find very low take-up for the course and that women
 with more years of schooling are more likely to enroll. Second, we find that

assignment to treatment has a negative effect on whether women report

having any savings (Yang. Dean, Barua.Rasmi.2020).

CHAPTER 3

METHODOLOGY

We would prefer simple random sampling technique for this study so that every element of our

sample size gets an equivalent chance of being selected. First we will select the population by

selecting a province from our country and then we will choose our sample by selecting cities

from that province. Then we will list the population by identifying how education impacts

financial success of individual.

We are targeting the urban population. Therefore, we are just discussing and focusing on the

population of twin cities only. Level of significance will be taken 5%. The cities are Rawalpindi,

Multan, and Islamabad.

 SAMPLE SIZE SELECTED

The sample size selected is 52. And the sample selected belongs to the urban area of Pakistan

like Islamabad, Rawalpindi, Multan etc.

N= 52
CHAPTER 4

RESULTS AND DISCUSSIONS

Frequencies

The following table and figure represent the %age of the age group of all the participants of the

survey we conducted.

RSPONDENT AGE PERCENTAGE FREQUENCY

UNDER 20 38.5% 20

21-25 51.9% 27

26-30 5.8% 3

ABOVE 30 3.8% 2

TOTAL 100% 52
The following table and the figure shows the percentages of participant’s qualification of the

conducted survey.

QUALIFICATION PERCENT FREQUENCY

MATRICULATION 0% 0
INTERMEDIATE 50% 26
GRADUATE 36.5% 19
MASTERS 5.8% 3
OTHERS 7.7% 4
TOTAL 100% 52
OBJECTIVES
CONTIGENCY TABLE
CONCLUSION
RECOMMENDATIONS FOR FUTURE WORK
During the course of working on this project, we made several errors. We used a sample of 52

participants to gauge their opinions, with a higher number of men than women. We were unable

to obtain a sample that was equally split between males and girls due to scheduling constraints.

Second, our primary goal in conducting the survey was to determine the level of financial

success among people throughout Pakistan, with a focus on cities like Lahore, Karachi, and

Faisalabad because of their higher population densities and the potential for more thorough

research. We had to conduct it in Islamabad and Rawalpindi since it was out of our reach.

Despite all of these mistakes, we managed to finish our project on schedule and with the

appropriate results and analysis.

It is advised that anyone who wants to do additional research and study in this area in light of

this project think about taking the number of samples that they have calculated using the

sampling technique. The outcomes will meet the project's requirements in this way. Second, they

should conduct surveys in places with a large population density.

QUESTIONNAIRE
NAME(OPTIONAL):
AGE:

QUALIFICATION:

CITY:

GENDER:

1. Do you have any knowledge about economics?

 YES
 NO
 MAYBE

2. Does education have an impact on economic development?

 AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

3. In your opinion education’s impact on financial success of an individual has an influence on

economic development?

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4. Does the education’s impact on financial success of an individual helpful in social

development?

 YES
 NO
 MAYBE

5. Does the financial success of an individual link with the social development in modern
society?
  AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

6. How can education’s impact on financial success of an individual evaluate social development
in modern society?

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7. Does education and financial success cause reduction in unemployment?

 YES
 NO
 MAYBE

8. The financial success of an individual reduces unemployment.

 AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

9. In what ways can there be reduction in unemployment?

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10. Is it necessary for employees to have education in order to get high paying jobs?

 YES
  NO
 MAYBE

11. Does education help employees in getting high paying jobs?

 AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

12. On what factors can we evaluate that education helps employees in getting jobs with high
salary?

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13. Do you have any knowledge about financial intelligence?

 YES
 NO
 MAYBE

14. Is there any relation between education and financial intelligence and capability of
individuals?

 AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

15. How does the education increase financial intelligence and capability of individuals?

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16. Is education important for the standards of life?

 YES
 NO
 MAYBE

17. In order to upgrade the standards of life the financial success of an individual is important.

 AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

18. How can standards of life be impacted by knowledge?

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19. Is financial success required for self-dependency?

 YES
 NO
 MAYBE

20. Self-dependency doesn’t need any education.

 AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

21. Does knowledge increase self-dependency?

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22. Critical thinking is important for the financial success.
 YES
 NO
 MAYBE

23. Education is helpful in improving one's critical thinking

 AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

24. What effect does the financial success of an individual have on one's critical thinking?
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25. Is education important for a person to earn money?

 YES
 NO
 MAYBE

26. Education and earning of a person or the financial success have a direct relation
 AGREE
 DISAGREE
 STRONGLY AGREE
 STRONGLY DISAGREE
 NEUTRAL

27. How does the education impact the earning of a person?

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