Even high school matters. According to the Bureau of Labor Statistics, a person without a high school diploma is dramatically more likely to be unemployed than a person who does have a high school diploma.
A person with a Bachelor's is less likely to be unemployed than a person with only an Associate's degree and far better off than someone with only a high school diploma. He/she is also likely to be earning much more than both. The earnings advantage over the Associate's degree is significant.
Earning a Master's degree also helps, but you really need a professional degree to make the big difference.
Why is this so important? Because when you're young, the difference in earnings on a weekly basis may seem quite small, but look at it over a lifetime and it's quite another story.