Social as well as economic factors including education, income, community safety, employment, and social supports can dramatically impact how long and how well a person lives. These factors help us in making healthy choices, manage stress, and affordable housing, and medical care. The economic factors are not considered related to health but strategies for improving them might have a higher impact on health compared to traditional factors. Health contributes to social progress and economic stability.

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Socioeconomic Status and Health

Economic status includes income besides financial security, educational attainment, and perceptions of social class and social status. Economic stability includes quality of life along with privileges and opportunities provided by society to people. Economic status is a reliable and consistent predictor of various outcomes including psychological and physical health. It is relevant in all realms of social and behavioral science such as education, research, and advocacy.

It affects human functioning such as mental and physical health. Low Socioeconomic status including lower poverty, lower education, and poor health affects our society. There are inequalities in resource distribution, health distribution, and quality of life globally.

Impact of Economic Stability

The socioeconomic status of an individual can greatly impact his attitudes and beliefs. A person belonging to the affluent class shall have a greater opportunity for achieving higher education and he might pursue these goals. Completing higher education can enhance the income potential along with providing opportunities for communicating with people of good social standing and he can build important social networks.

On the other hand, a person belonging to a poverty level might have an opinion that higher education is difficult to attain. This conviction might be reinforced by the peers of the individual in the same group. This can lead to less and fewer rewarding employment opportunities. Moreover, it can restrict the growth potential of a person within society.

Job Insecurity and Social Life

Job insecurity can have effects on the well-being and health of an individual. The fear of losing a job has a major impact on mental and physical health. Its effect on mental health is much higher compared to the effect on physical health. According to a study, a decline in physical health was related to job insecurity in blue-collar workers. Unemployment is not just related to distress, however, it causes distress too. There are adverse effects on unemployment and they are depicted by a decline in physical and psychological health. In older adults, involuntary job loss resulted in health decline.

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