This research was undertaken as part of the National Centre for Vocational Education Research's (NCVER) in-house research program. The report focuses on individuals who, together with industry, are at the centre of vocational education and training (VET). What is novel about the research is that it looks further than skills and workforce outcomes by examining health and wellbeing. Specifically, this report investigates the relationship between education, including vocational education and training, and health and wellbeing. The report argues that education has a positive effect on health and wellbeing through intermediary variables such as employment, income and socialisation. However, the effects are modest and are largest for people with relatively high levels of education, such as degrees and diplomas. The report will be of interest to people and organisations who have an interest in the broader benefits of education. Appended are: (1) Literature review; (2) Household, Income and Labour Dynamics in Australia (HILDA) survey data; (3) Descriptive statistics for variables used in the modelling; (4) Regression modelling results; (5) Detailed path analysis coefficients; (6) Probabilities of a person falling into a particular income group; and (7) Interview schedule. (Contains 43 tables and 4 figures.)