Wealth Inequalities Flashcards
(20 cards)
Structural employment
Inherited wealth
What is an asset?
An asset is something bought and passed onto the next gen. It can be a car,house,painting any item worth an amount of money
What is intergenerational wealth?
Rich people passing their assets to their children so they can also be rich.
What is the average house price?
Average house price in 2023 was £235,300
What is a salary?
A salary is the amount of money you get paid each year
How does the elderly holding a lot of the money help create inequality?
It makes it impossible for the average person without the advantage of generational wealth to catch up money wise leaving them with less assets to pass down etc. meaning their family will never have a monetary advantage
How does the elderly holding a lot of the money help create inequality?
It makes it impossible for the average person without the advantage of generational wealth to catch up money wise leaving them with less assets to pass down etc. meaning their family will never have a monetary advantage
What percentage of the wealth is held by what percentage of elderly people?
90% of the wealth of held by 50% of elderly people leaving it to be passed down to their family
Low pay
What is national living wage?
This is an obligatory minimum wage payable to workers in the UK aged 21 and over
What is in work poverty?
People who are working but are also in poverty
What percentage of people living in poverty have jobs?
It has increased in the past five years from 67% to 75%
What is the national minimum wage
Over 21s is £11.44
Under 21s is £8.60
Under 18s £6.40
What is higher living wage compared to minimum wage?
The estimated living wage for the UK is £12 this is how much money people need on average to be able to get by
Jobs most likely to get national living wage?
Jobs in admin and support services
How does this impact poorer peopl?
It makes the gap between the poorer and richer people even worse as poorer people can’t even afford basic needs on these wages like food, heating etc
Insecure employment
When you have a zero hour contract and the amount of work you get weekly varies
What is a zero hour contract?
A zero hour contract is when a person isn’t guaranteed shifts/ work every week and only works when they are needed and doesn’t have a set schedule
What is under employment?
Under employment is when someone is way too qualified for the job that they have for example
Someone with a a degree in business working as a waitress
