The Impact of Income Inequality on One's Well-being

Introduction

There is no precise explanation of the term well-being. Many authors have tried to define the phrase according to their perception. Welfare is vital for individuals as well as for many segments of society because it indicates that their life is faring well. It also helps in determining the future of a nation, society or an individual. Things like proper living conditions such as employment and shelter are essential to wellbeing, while things such income inequality have negative impact on wellbeing. However, a general clarification relates welfare to positive feelings and sensations such as happiness in the absence of negative feelings like depression. For one to claim that a nation, community or an individual is well-being, there ought to be the presence of universal verdicts of life fulfillment as well as feelings varying from despair to joy.

There are various aspects for scrutinizing features of welfare that entail 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. The dimensions include personal well-being, the natural environment, health, shelter, occupation, our relationships, the economy, personal finance, education, supremacy and skills. As for this study, it will focus on the three elements of the wellbeing of Gallup that entail social, career, and physical wellbeing. After conducting a detailed study in more than 150 nations, Gallup found these elements to be interrelated in shaping people’s lives. Income entails returns from salaries, interest on a saving account, profits from goods sold and many more. Income inequality is considered as a situation whereby there is an uneven distribution of income among people in a society or nation.

Income Inequality and Social Welfare

Globally, inequality issues have gained attention. They affect development as well as the welfare of a population. The gap can be either at the high notch or the bottom thus creating a void on the middle-income cluster thus resulting to social tension that may lead to political insecurity as well as social clashes (Kakwani & Son, n.d.). Inequality causes stagnancy in the attempt of lessening poverty rate along with economic progress.

A good income allows an individual to have control over goods and services thus making one feel happy (Kakwani & Son, n.d.). As long as the inequality in income distribution keeps on growing, there will be a rise in insecurity issues such as crime and theft to meet daily needs. People will be forced to engage in malicious activities for survival. Therefore, a state or society should thrive to cut the roots of inequality to restore peace and security among its inhabitants.

Various indicators can tell whether a society has social welfare or not. The symbols are categorized as non-material and material welfare (Kakwani & Son, n.d.). Material wellbeing centralizes on income that allows one to access goods and services that enables individuals to live comfortably. Non-material welfare does not focus on profit but instead on health, living conditions as well as education. On the health sector, there is newborn and child endurance rate that helps determine how efficient the medical facilities are within a society. Proper sanitation also boosts the health of children. Contrary to the health of these infants and children can be at risk if there is inadequate sanitation, contaminated water and malnutrition thus affecting the social welfare of children in the society.

Education is also another non-material social indicator. People consider education as a means of attaining higher paying jobs. When an individual gets a well-paying job, his or her living standards are raised because he or she receives an income that allows one to consume commodities and services that they need or want. Education makes one literate thus appreciated or acknowledged in the society. With proper learning, one can express his or her views freely in the community. It enables a person to interact freely with people of different status in the society because of one’s broad knowledge.

Good jobs enhance a good living condition with better pay. With a better income, one can live in an area with proper sanitation and clean water. However, poor sanitation and contaminated water affect the wellbeing of human beings. The income dramatically influences the welfare of people in that it is gained through the labor market. The population that is likely to suffer is those unemployed. They cannot live a better life. They are unable to attain the goods and services that complement their lives.

Income Inequality and Career Wellbeing

One’s occupation or just liking your daily activities defines career welfare (Inc., n.d.). Individual’s well-being can only be determined by asking the individuals question like if they enjoy their daily activities (Jones & Jones, 2016). Be it a student, volunteer, parent, guardian or retiree, one has daily activities that he or she attends to when they wake up (“Career Well-Being,” n.d.). In simple terms, it is simply feeling good about your occupation (“Career Well-Being,” n.d.). Usually, most people underrate their jobs as an aspect of determining their welfare. If one experiences a career wellbeing, he or she is likely to succeed in his or her life because of being happy and comfortable with their daily occupation.

Career welfare affects people’s financial, social, physical and community wellbeing (“Career Well-Being,” n.d.). When a person has a job that he or she loves, they can live a life that they desire and access commodities and services that enable them to live comfortably. It also influences the financial wellbeing of people. Good paying jobs raise the living standards of people in society. Whether a person is unemployed or not, the daily activities count on boosting the physical welfare of a person. Sitting around does not count because it does not add value to the health of an individual. A person earning a low income cannot live a better life because of money matters when it comes to accessing goods and services that complement life. With little or no income, people cannot be of the same social class. There will always be a gap between the high and middle-class income people. With less pay, one cannot access proper medical care to support one’s physical welfare.

Physical Wellbeing and Income Inequality

Physical welfare is having excellent health as well as adequate energy to attend to personal activities (Inc., n.d.). Better economic inequality seems to provoke worse physical condition outcomes. Income inequality does not mean poverty because not everybody that is poor is unhealthy. However, this inequality leads to stress thus causing depression disorder. It also provokes fear and insecurity in beings. One cannot be emotionally and mentally stable if he or she cannot meet his or her needs to live a healthy life. According to economists and specialists, people living in poor societies are likely to experience shorter life spans than people living in good societies. Therefore, the lower the inequality level, the higher the chances of living longer.

Conclusion

Wellbeing captures a broad understanding of being well it is closely linked to elements that contribute to a good quality of life. It is a blend of physical, emotional, psychological and social factors, but can easily be undermined which detracts from the quality of a person’s life. One of the factors influencing one's wellbeing is income inequality. It can affect different aspects of a person's wellbeing, including social, career, and physical welfare.