Freakonomics reports on a new study from Canada:
According to a new working paper (abstract; PDF) by Daniel M. Hungerman, an economist at Notre Dame who studies religion, the answer is yes. At least in his Canadian data set:
For over a century, social scientists have debated how educational attainment impacts religious belief. In this paper, I use Canadian compulsory schooling laws to identify the relationship between completed schooling and later religiosity. I find that higher levels of education lead to lower levels of religious participation later in life. An additional year of education leads to a 4-percentage-point decline in the likelihood that an individual identifies with any religious tradition; the estimates suggest that increases in schooling can explain most of the large rise in non-affiliation in Canada in recent decades.