2.2 Class inequalities in wealth Flashcards
what is wealth?
the abundance of valuable possessions and money
anything a person could sell
what is property wealth?
houses
land
what is physical wealth?
jewellery
antiques
what is financial wealth?
savings
investments
what is another form of wealth?
private pension wealth
the richest half of the population own what percent of all wealth?
91%
the poorest half of the population own what percent of all wealth?
9%
ONS 2014 - the richest 1% of the population own as much wealth as who?
the poorest 55%
what is more unevenly distributed, income or wealth?
wealth
the poorest 50% of the population have what percent of UK wealth?
10%
the poorest 10% of the UK population have what percent of wealth?
0%
increasing numbers of people have what type of wealth?
negative wealth - debt
(Birmingham Commission Report) they found wealth affects what aspects of a persons life?
physical and mental wellbeing
education
employment
(Birmingham Commission Report) wealth leads to a divide between who?
the rich and poor
(Birmingham Commission Report) low levels of income reduce the ability to do what?
avoid debt
accumulate savings
(Birmingham Commission Report) in what ways do wealth inequalities occur?
some people having higher incomes
some people save
some people receive inheritance
(Birmingham Commission Report) those on high incomes are more likely to benefit from what?
inheritance
lifetime gifts
(Birmingham Commission Report) the report suggested the government should do what?
consider redistribution of wealth
why is wealth difficult to measure?
calculating values
people hiding wealth
income or wealth?
should state pensions count
why might people hide wealth?
avoid tax
wealth or income - what happens to a gift of money or property?
taxed as income
those with higher wealth to begin with tend to do what?
earn higher incomes
private education, high paying jobs
some sociologists argue wealth inequalities are more linked to what than class?
age
when do people tend to accumulate more wealth?
as they age
(Birmingham Commission Report) those in which age range had the highest levels of wealth?
55 - 64
(Birmingham Commission Report) in the 55 - 64 age bracket what was found about class?
those with lower class had less wealth than higher classes
functionalists believe wealth inequalities are based upon what?
meritocracy
those with wealth achieve it through their effort and ability
Atkinson (2013) found an increasing proportion of income now comes from where? suggesting what?
inherited wealth
more and more people inherit the wealth their parents accumulated
