RI T1W7-8 Challenges of Socioeconomic Diversity 2021

Think About It•What was living through the pandemic in 2020 like for you (especially Circuit Breaker/FHBL)?•Particular challenges/difficultiesyou faced•Things you were grateful for

Socioeconomic Status•Typically defined by•Incomeand wealth•Occupational prestige (how well-regarded job is)•Educational attainment (highest qualifications)•Distinguished by social classes•Upper, middle, lower/working

Income vs. Wealth•Income•Earningsfrom work•Can include income from other sources e.g. rent •Wealth•Income accumulated over time (e.g. savings)•Includes assetsin the form of property, stocks and inheritances

Think About It•How does your level of income and/or wealth affect your quality of life?•What choicesare you able to make with a high SES that you cannot with a lower SES?•How are the concernsof higher SES groups different from those of lower SES?

Inequality in Singapore•Gini coefficient: 0.452(0.375after taxes and transfers; 0.398 in 2019)•Average Monthly Household Income From Work Per Household Member (Including Employer CPF Contributions):•91-100thpercentile: $13,400($13,737 in 2019)•1-10thpercentile: $560 ($597 in 2019)•Median Monthly Household Income From Work Per Household Member (Including Employer CPF Contributions): $2,886 (from $2,925 in 2019)(SingStat, 2020)

Income and Wealth Inequality –Crash Course Economics

(Dept. of Statistics, 2020)

(Dept. of Statistics, 2020)

(Dept. of Statistics, 2020)

International comparisonof Gini coefficients Source: MINISTRY OF FINANCESTRAITS TIMES GRAPHICS United Kingdom(2015) Before accounting for taxes and transfersAfter accounting for taxes and transfers 0.520 0.5160.295 0.5060.390 0.5000.289 0.4880.330 0.444 0.4350.318 0.432 0.432 0.4170.356 0.3410.295 0.278 0.272 0.256 0.360 France(2015) United States(2015) Germany(2014) Japan(2012) Denmark(2014) Canada(2015) Norway(2015) Sweden(2015) Singapore(2017) South Korea(2015) NOTE: Data is for the latest available year and is adjusted forhousehold size using the square root scale.