2.2 Class inequalities in wealth

Question 1

what is wealth?

Answer 1

the abundance of valuable possessions and money

anything a person could sell

Question 2

what is property wealth?

Answer 2

houses

land

Question 3

what is physical wealth?

Answer 3

jewellery

antiques

Question 4

what is financial wealth?

Answer 4

savings

investments

Question 5

what is another form of wealth?

Answer 5

private pension wealth

Question 6

the richest half of the population own what percent of all wealth?

Answer 6

91%

Question 7

the poorest half of the population own what percent of all wealth?

Answer 7

9%

Question 8

ONS 2014 - the richest 1% of the population own as much wealth as who?

Answer 8

the poorest 55%

Question 9

what is more unevenly distributed, income or wealth?

Answer 9

wealth

Question 10

the poorest 50% of the population have what percent of UK wealth?

Answer 10

10%

Question 11

the poorest 10% of the UK population have what percent of wealth?

Answer 11

0%

Question 12

increasing numbers of people have what type of wealth?

Answer 12

negative wealth - debt

Question 13

(Birmingham Commission Report) they found wealth affects what aspects of a persons life?

Answer 13

physical and mental wellbeing
education
employment

Question 14

(Birmingham Commission Report) wealth leads to a divide between who?

Answer 14

the rich and poor

Question 15

(Birmingham Commission Report) low levels of income reduce the ability to do what?

Answer 15

avoid debt

accumulate savings

Question 16

(Birmingham Commission Report) in what ways do wealth inequalities occur?

Answer 16

some people having higher incomes
some people save
some people receive inheritance

Question 17

(Birmingham Commission Report) those on high incomes are more likely to benefit from what?

Answer 17

inheritance

lifetime gifts

Question 18

(Birmingham Commission Report) the report suggested the government should do what?

Answer 18

consider redistribution of wealth

Question 19

why is wealth difficult to measure?

Answer 19

calculating values
people hiding wealth
income or wealth?
should state pensions count

Question 20

why might people hide wealth?

Answer 20

avoid tax

Question 21

wealth or income - what happens to a gift of money or property?

Answer 21

taxed as income

Question 22

those with higher wealth to begin with tend to do what?

Answer 22

earn higher incomes

private education, high paying jobs

Question 23

some sociologists argue wealth inequalities are more linked to what than class?

Answer 23

age

Question 24

when do people tend to accumulate more wealth?

Answer 24

as they age

Question 25

(Birmingham Commission Report) those in which age range had the highest levels of wealth?

Answer 25

55 - 64

Question 26

(Birmingham Commission Report) in the 55 - 64 age bracket what was found about class?

Answer 26

those with lower class had less wealth than higher classes

Question 27

functionalists believe wealth inequalities are based upon what?

Answer 27

meritocracy

those with wealth achieve it through their effort and ability

Question 28

Atkinson (2013) found an increasing proportion of income now comes from where? suggesting what?

Answer 28

inherited wealth

more and more people inherit the wealth their parents accumulated