Social factors that affect household income Flashcards
What are the main social factors that affect household income?
Age
Gender
Socio-economic status
Culture
At what age does income begin to increase?
Income tends to increase as individuals get older and move up the payscale
Why does income usually increase as a person gets older?
As the individual is considered more experienced
As a person ages their income generally increases, what also increases along with this?
Monthly outgoings such as mortgage payments and childcare
What might a teenager do to alleviate financial strain on their families?
They may take on a part-time job
Why might a teenager take on a part-time job?
To earn a source of income which they can spend on their own wants or use to alleviate financial strain in families
Why might people experience a drop in income when they reach 66 years of age?
If they have not been paying contributions into a private pension they will receive the State Pension which is usually much less then an individual’s income
Outline how age affects household income
4 main points
Income increases as age increases and a person moves up the payscale
Monthly outgoings increase as a person gets older
Teenagers may take on a part-time job to alleviate financial family strain or for their own wants
Decrease in income when a person retires if they use the State Pension
What does an increased number of women in the workplace result in?
More dual-income homes with greater income
What legislation ensures equal pay for equal work regardless of gender?
The Employment Equality Act
What does the Employment Equality Act ensure?
Equal pay for equal work regardless of gender
In Ireland, do men or women earn more money?
Men
In Ireland, do men or women dominate managerial roles?
Men
Outline how gender affects household income
3 points
Increased number of women in the workplace results in more dual-income homes with greater income
Legislation such as the Employment Equality Act helps ensure equal pay for equal work regardless of gender
Men still earn more than women and they dominate managerial positions
What generally happens to a person from a low-socio economic background?
Lower-socio economic background results in fewer educational opportunities
What usually happens to a person from a high-socio economic background?
They tend to have greater educational opportunities
What does few educational opportunities result in?
Progression into unemployment or low-paid jobs
What happens when an individual progresses into unemployment or a low-paid job?
They have little opportunity for career advancement or increased income
What does greater educational opportunities lead to?
Advancement to third-level education and the probability of obtaining higher-paid jobs
Outline how socio-economic status affects household income
Low socio-economic background gives few educational opportunities resulting in unemployment or low-paid jobs and therefore little opportunity for career advancement or increased income
High socio-economic background gives greater educational opportunities resulting in advancement to third-level education and the probability of obtaining higher-paid jobs
Outline how culture affects household income
Salaries for the same occupation differ from country to country
Culture dictates whether it is acceptable for women to participate in the workplace and earn an income
