This was 27.3 percent lower than the state average of 38.9 percent. In 2020 the total municipality population reached 713.
71.6 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Wallace for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 167 | 28.4 |
| Regular high school diploma | 249 | 42.3 |
| GED or alternative credential | 83 | 14.1 |
| Some college, less than 1 year | 6 | 1 |
| Some college, 1 or more years, no degree | 15 | 2.6 |
| Associate's degree | 56 | 9.5 |
| Bachelor's degree | 12 | 2 |
| Master's degree | 0 | 0 |
| Professional school degree | 0 | 0 |
| Doctorate degree | 0 | 0 |
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