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Essay / The impact of income inequality on a person's well-being
Table of contentsIntroductionIncome inequality and social protectionIncome inequality and occupational well-beingPhysical well-being and income inequalityConclusionIntroductionThere is no precise explanation of the term well-being. Many authors have attempted to define the expression according to their perception. Well-being is vital for individuals as well as many segments of society because it indicates that their lives are doing well. It also helps determine the future of a nation, society or individual. Things like adequate living conditions, like employment and housing, are essential to well-being, while things like income inequality have a negative impact on well-being. However, a general clarification relates well-being to positive feelings and sensations such as happiness in the absence of negative feelings such as depression. To claim that a nation, community, or individual is synonymous with well-being, there must be universal verdicts of flourishing in life as well as feelings ranging from despair to joy. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay There are various aspects to examine the characteristics of well-being which involve economic, physical, psychological, social, life satisfaction and emotional well-being among others. . On the other hand, the UK uses ten broad dimensions to examine well-being. Dimensions include personal well-being, natural environment, health, housing, occupation, our relationships, economy, personal finance, education, supremacy and skills. As for this study, it will focus on Gallup's three elements of well-being which involve social, professional, and physical well-being. After conducting a detailed study in more than 150 countries, Gallup found that these elements were interrelated in their influence on people's lives. Income includes income from wages, interest on a savings account, profits from goods sold and many more. Income inequality is considered a situation in which there is an unequal distribution of income among individuals in a society or nation. Income inequality and social protection Globally, issues of inequality have received attention. They affect the development as well as the well-being of a population. The gap may be either at the upper level or at the lower level, thereby creating a vacuum in the middle-income group, thereby leading to social tensions which may lead to political insecurity as well as social clashes (Kakwani & Son , nd). Inequality causes stagnation in the attempt to reduce poverty rates alongside economic progress. A good income allows an individual to control goods and services, thereby making him happy (Kakwani & Son, n.d.). As long as inequality in income distribution continues to grow, problems of insecurity, such as crime and theft, to meet daily needs will increase. People will be forced to engage in evil activities to survive. Therefore, a state or society must strive to cut the roots of inequality in order to restore peace and security among its people. Various indicators can indicate whether or not a society has social protection. The symbols are classified into non-material and material well-being (Kakwani & Son, n.d.). Material well-being focuses on income that provides access to goods and services that enable individuals to live comfortably. Intangible well-being is not focusednot on profit but rather on health, living conditions and education. In the healthcare sector, the endurance rate of newborns and children helps determine the effectiveness of medical facilities within a society. Proper sanitation also improves children's health. Contrary to this, the health of these infants and children may be threatened in cases of inadequate sanitation, contaminated water and malnutrition, thereby affecting the social well-being of the children of the society. Education is also another non-material social indicator. People view education as a way to get higher salary jobs. When an individual obtains a well-paid job, their standard of living improves because they receive an income that allows them to consume the goods and services they need or want. Education makes one literate and therefore appreciated or recognized in society. With proper learning, everyone can freely express their opinions in the community. This allows a person to freely interact with people of different status in society with his or her vast knowledge. Good jobs improve good living conditions with better pay. With a better income, one can live in an area with adequate sanitation and clean water. However, poor sanitation and contaminated water affect the well-being of human beings. Income significantly influences people's well-being to the extent that it is obtained through the labor market. The population at risk of suffering is those who are unemployed. They cannot live a better life. They are unable to access the goods and services that complement their lives. Income inequality and professional well-being How busy a person is or simply enjoying their daily activities defines professional well-being (Inc., nd). Individual well-being can only be determined by asking whether they enjoy their daily activities (Jones and Jones, 2016). Whether you are a student, volunteer, parent, guardian, or retiree, you have daily activities that you attend to when you wake up (“Career Well-Being,” n.d.). In simple terms, it's just about feeling good about your job ("Career Well-Being", nd). Usually, most people underestimate their work as a determining factor in their well-being. If a person experiences professional well-being, they are likely to be successful in their life because they are happy and comfortable with their daily work. Career well-being affects individuals’ financial, social, physical, and community well-being (“Professional Well-being,” n.d.). When a person has a job they love, they can live the life they want and access the goods and services that allow them to live comfortably. It also influences people’s financial well-being. Well-paid jobs improve the standard of living of members of society. Whether a person is unemployed or not, daily activities matter in improving a person's physical well-being. Sitting doesn't count because it adds no value to an individual's health. A person earning a low income cannot live a better life due to money issues when it comes to accessing life-complementing goods and services. With little or no income, people cannot belong to the same social class. There will always be a gap between the incomes of the upper and middle classes. With a lower salary, one cannot access proper medical care to support one's physical well-being. Physical well-being and income inequality Physical well-being consists of having excellent health and sufficient energy to carry out personal activities (Inc., nd). Greater inequalities.