Income And Wealth Inequalities Flashcards
Rising cost of living ( income and wealth inequalities )
What it is. The increase in average prices recently was measured at a very high rate of 8% as energy and food bills have increased over the last couple of years, this is backed up by the energy bill increased by 50% just in 2022. How it affects poorer people, higher interest on loans, pay more if they have a pre paid energy meter.
Welfare reforms ( income and wealth inequalities )
They are Changes to the benefit system, been 12 since 2012, individualists say these make it clear people need to get a job, collectivists say they are unfair, The cap was introduced in 2013 it has been reduced to £26,000 to £20,000 a year. It will affect an estimated 88,000 households primary those who pay high rent. 320,000 children will be affected in 115,000 households with families losing up to £100 a week. 43,700 single parents with a child under the age of 5 would be hit by the cap. Families will have to move long distances for affordable accommodation.
Educational attainment ( income and wealth inequalities )
People who have higher qualifications are more likely to be employed and have a higher paying job. for example university graduates earn on average £10,000/year more than the uk median wage. Deprivation and qualifications. The cost of school books, Just over (51%) say that books are simply too expensive. Importance of books.
Low paid and insecure employment ( income and wealth inequalities )
60% of people in poverty in the uk where someone in their household is in work but their wages are too low to keep them out of poverty. Individualists say the pay is based on the value of work
