Education and life satisfaction: perception or reality?

Using data from the Gallup World Poll, this paper analyze the way in which perceptions on the quality of education affect wellbeing. In addition, we explore if educational quality perceptions are determined by objective educational outputs, such as international standardized tests scores (i.e. PISA scores) and individual educational attainment. Results indicate that educational quality perceptions are positively correlated with standardized test scores but negatively correlated with individual educational attainment. Similarly, favorable perception on the quality of education contributes to higher individual wellbeing, even after controlling for individual educational attainment and other traditional determinants of wellbeing.