This was 16 percent lower than the state average of 46.3 percent. In 2020 the total municipality population reached 761.
91.6 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Spencer for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 44 | 8.4 |
| Regular high school diploma | 188 | 35.9 |
| GED or alternative credential | 26 | 5 |
| Some college, less than 1 year | 34 | 6.5 |
| Some college, 1 or more years, no degree | 73 | 13.9 |
| Associate's degree | 38 | 7.3 |
| Bachelor's degree | 98 | 18.7 |
| Master's degree | 21 | 4 |
| Professional school degree | 2 | 0.4 |
| Doctorate degree | 0 | 0 |
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