Significance of education?

Wealth and happiness.

It can decide the level of income, the type of jobs we do and more. Do you want to work at hard labor all your life at small pay, or do you want to have easier work at higher pay

Hard work plays a large part. There's no such thing as easier work, that's half the problem with this country. I have a high school education only and have been very successful with a large company making 3X the average wage in my area. A higher education gets you to the interview easier and opens up doors that might not otherwise have opened. I am 32yrs old and do regret not going to a higher education but I do educate myself reading 5-6 books a month and working to further my knowledge every day. If that doesn't sound like you, go to school get a better education.

Education teaches you to think for yourself. The exercises you do in the classroom is meant to improve cognitive and social development, alongside simply learning the material.