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The reason why people commit their lives to different roles and responsibilities daily is to achieve contentment socially and economically. For example, different individuals choose to take different personal paths, as some have careers in medicine, education or any other field. Obviously not everyone who attends school can be termed as socially and economically successful, although it is a very important indicator (Laureau, 126). Various methods have been used to understand and explain the term socioeconomic well-being. First and foremost, it is important to define the term well-being. This is attained when people are satisfied and content by something and not necessarily having a lot of it. It is important to understand the meaning of it because, more often than not, is interpreted mistakenly to indicate something big.
In every society, the general classification of social and economical is usually in low, middle and upper level classes. There are strengths and weaknesses of assessing an individual's or family's measures based on income flow, wealth possession, occupation and education attained. However, the availability or absence of these factors does not completely guarantee the well-being of socioeconomic status (SES) of that particular family or individual. Income is one of the factors commonly used (David & Szonja, 90). Basically it refers to any earning that is received which includes salaries, rents, wages and profits. This might also include unemployed worker's pension, trust, royalties, social security, alimony and even financial assistance from family members.
One of the strengths of using income as a measure is that it's easier to figure out compared to the other qualities such as education, occupation and wealth. Through income an individual knows how much he or she earns which is a reliable means of establishing well-being socially and economically (Conley, 37). People who make good incomes tend to live stable lives where they do not struggle and don't lack resources. In addition, it is also easy to know the consumption rate of individuals by checking what they make. They can buy goods and services depending on the amount of money available to spend.
The more someone makes, the more likely this person consumes and likewise the absence of it decreases the amount spent. The weakness of Income is that it will not always result in contentment and satisfaction (David & Szonja, 90). There are a lot of people who make a lot, but are not satisfied with their lives and feel unhappy. These individuals cannot be termed as having realized socioeconomic well-being in society. On the other hand, the lack of income does not rule out the possibility of been happy even if they don't make much. Consequently this gap is a reliable benchmark of measuring social and economical wellbeing.
Education is the other component that is used and can be defined as getting the knowledge by going to school. This is usually associated with achieving a psychological and economical positive outcome, which are key factors of determining a person's well-being. It is believed that higher levels of education represent better Socioeconomic Status (SES) due to the manner in which resources are distributed (Conley, 90).. Although this might be true, it doesn't completely capture the person's true happiness.
For instance, examining most of the well educated people shows that they experience economic and social crisis if they do not know how to manage their finances and have good social habits .Therefore, education does not guarantee prosperity socially as this is a different element that needs to be worked on outside classroom. Notably, the development of good social and economic habits is something that can be learnt through an individual effort of searching materials to read or emulating successful story in the society.
Occupation status is the ability and opportunity for individuals regardless of race and social class to obtain a good job that is well paying. They apply what they have learned in school and develop it over time in the labor market. This can be used to determine socioeconomic well-being since it determines the ability to control the major factor affecting SES. A good explanation of this is someone with satisfying occupations is likely to make decisions such as choosing the most fulfilling job in terms of personal development and at the same time, adequate income.
For instance, people with stable occupation are better placed to be assured of quality lives, in terms of fulfillment socially and economically. This person is likely to have a strong connection with his family, relatives, and friends and as a result, his social life would be excellent (Conley, 69). The reality of this however, is that not everyone with good occupations is satisfied. The majority of people works only to pay their bills on time, debt of loans of their children in school, cars, and houses and is not left with much left over despite working hard.
Wealth can be described as the reservation of income, savings or assets. This is a factor that can be considered to check whether a person is well economically and socially. For instance, wealth has the strength of assurance in providing basic and luxury needs, which is an important component in attaining socioeconomic well-being. This is what determines a person's level of the 'pecking order' in society. To conclude, a big challenge of using wealth as a determinant is the wealth gap in society today. The gap between the rich and poor is continuing to enlarge and countries have different measures of wealth as well (Conley, 92).
The most accurate and reliable method is by trying to attain balance among them which in reality is hard to do since some nations will always have more than others. As a result some nations and communities have misled their people to believe that socioeconomic wellbeing is acquiring one or two of the above discussed factors. The fact that a nation is doing well economically does not make it socially sound and vice versa. Socioeconomic wellbeing is a matter of balancing a person's, community or nation's wealth acquired, income earned, education attainment or even occupation.