From Scott Galloway’s blog:
While their parents harass doctors at school board meetings and fight epic Facebook comment wars, our kids are not learning to read or count. McKinsey projects that this learning gap will reduce lifetime earnings for K-12 students by an average of $49,000 to $61,000. By the time the majority of these kids have joined the workforce in 2040, it’s estimated we’ll have lost as much as $188 billion a year in GDP due to unfinished learning during the pandemic.
Every school teacher that I’ve discussed this issue with has noted the same point anecdotally.
The truth is that I’m not really sure how statistics such as those in McKinsey’s study are accurate. But I do know that unless I’m working with a child who is self-directed and learns on his/her own (yes, there really are some!) that the child has fallen behind students just a few years a head.
Why does this matter? Because when they enter the real world, the open market does not have an age group competition.
22 year olds compete against 24 year olds.
Whereas in the past, the experience of the 24 year old was the only clear difference, now the actual education of the 24 year old will also be superior unrelated to their additional experience.
This will matter.