Regional Formation and Development Studies

One of the most important aspects influencing the quality of life is education. The paper includes the research results from an analysis of how the level of education affects quality of life, and the development of different initiatives and values. An analysis of scientific literature is performed, with a more detailed analysis of data from Latvia, taking into account the level of household income and satisfaction with life. Research methods applied: analysis of scientific findings, analysis of time-series on several indicators of development related to different education indicators, and income indicators depending on educational level, with a calculation of income confidence interval with a probability of 0.95 for households with different educational levels. Data used in the research: data from databases of the Official Statistics Portal of the Republic of Latvia, Household Finance and Consumption Survey. The research results indicate that households in Latvia with a higher education have a significantly higher income than households with primary or no education.