How a person’s socioeconomic status affect their chances of succeeding financially and professionally
How can a person’s socioeconomic status affect their chances of succeeding financially and professionally? How does socioeconomic status influence health?
Sample Solution
A person’s socioeconomic status plays a significant role in the trajectory of their success financially and professionally. According to research from the World Bank, a person’s educational attainment, health, and economic opportunities are largely determined by their social and economic background (2016). Low-income individuals often lack access to resources such as healthcare, higher education, and career development assistance that can contribute to upward mobility and financial security (Choppin et al., 2014). As such, those with lower incomes have fewer opportunities for advancement than those with higher incomes. This discrepancy is further exacerbated by disparities in housing costs which can lead to inadequate living conditions that limit an individual’s ability to move forward financially or professionally (Lin & Churland, 2013).
In addition to limited resources available due to low income levels impacting an individual’s likelihood of succeeding financially or professionally, there are also systemic disadvantages that may be experienced based on one’s socioeconomic class (Siddiqui et al., 2017). For example, research suggests employers may view applicants differently based on factors such as race or gender in addition to whether they come from high-income or low-income backgrounds (Williams & Holme 2015). Moreover, unequal access to career networks and unpaid internships perpetuate this imbalance of opportunity between different classes as these types of positions often provide critical information about job openings and industry trends (Grossman & Kimball 2011; Siddiqui et al., 2017). Consequently an individual’s chances of succeeding financially or professionally might be reduced if they lack the necessary resources due to their socioeconomic status.
In conclusion, it is clear that an individual’s socioeconomic status has a significant impact on their chances for achieving financial stability. Those coming from low-income backgrounds may face distinct challenges when trying to secure steady employment or receive adequate training as well as unfair treatment from prospective employers all due solely because of where they come from socioeconomically. Therefore it is essential for policymakers and other social actors alike work together towards reducing these disparities so everyone has equal access regardless of background working toward financial success.
