Unfortunately mariaklec it refers to both, so it's depends on the context but even that it could be interpreted in either way
So if you want to avoid misunderstandings (in spanish happens quite often
) you need to be more specific like:
La educación escolar es muy importante.
Puede que el empleador piense que no eres una persona instruida si lo escribes mal.
See "Educar as Instruir" and "Educar as Buenos modales". Even though mem286's suggestions are correct semantically and grammatically I got confused in:
Ser bien educado es muy importante. Una buena educación es importante.
In your statement sounds more as good manners, in mem286's statement could mean both.
Well that's my opinion
Kindest Regards