Generation Y versus Generation Z: Correlation Analysis between the Living Standard and the Education Level

The present research aims to provide evidence, from a statistical point of view, of the relationship between the education level of individuals and their associated living standard. The study is based on correlation analysis, which is able to highlight the association between the two elements of interest and, at the same time, to show the strength of their relationship. Additionally, the correlation analysis will be conducted both for Generation Y and Generation Z. Presenting the correlation results in comparison with the two types of Generation will facilitate finding similarities or differences between Generations. The analysis considers 14 European countries and uses two ways of referring to the living standard in accordance with the scientific literature. Among the key findings, there is one in particular to be mentioned: the level of education does matter more for Generation Z as compared to Generation Y in having a higher living standard. The limits of the analysis and future research directions are mentioned in the conclusions.