Socioeconomic status

Uncommon card · No. 191029

Socioeconomic status (SES) is a measurement used by economists and sociologists. The measurement combines a person's or their family's economic or wealth level and social position (generally determined by education level) in relation to others. In common parlance, "socioeconomic status" is synonymous with social class. However, academics distinguish social class from socioeconomic status, using the former to refer to one's relatively stable cultural background and the latter to refer to one's current social and economic situation, which is consequently more changeable over time. When analyzing a family's SES, the household income and the education and occupations of its members are examined, whereas for an individual's SES only their own attributes are assessed. Recently, research has revealed a lesser-recognized attribute of SES as perceived financial stress, as it defines the "balance between income and necessary expenses". Perceived financial stress can be tested by deciphering whether...

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