Hello, I am back after a very hectic 2 months of finishing some of my IB assignments. Phew!
In my earlier blog titled Equality and Equity
(https://medium.com/@suhanigautam2005/equality-and-equity-810899515c31), I had written about Income Inequality, its causes and what could be done to reduce inequality.
Further extending the thought, it is interesting to explore the effect of income equality on an individual's mental health and well being.
Imcome inequality plays on “Status anxiety” which is known as a constant tension or fear of being perceived as "unsuccessful" by the society in materialistic/monetory terms
Status anxiety is driven from the desire for status or reputation from others - this is in line with Maslow’s hierarchy of needs and sits under “Esteem” i.e. the 4th pillar in the pyramid.
Based on various research conducted over a period of time, it is observed that there is evidence that economic inequality makes people feel that they live in a society where they are constantly concerned and competing with each other for their position based on the material resources they possess. Thus, reducing economic inequalities and working for less competitive and materialistic social environments would contribute to build healthier and more cohesive societies
https://digibug.ugr.es/bitstream/handle/10481/80669/British%20J%20Social%20Psychol%20-%202023%20-%20Melita%20-%20Does%20income%20inequality%20increase%20status%20anxiety%20Not%20directly%20the%20role%20of-1.pdf?sequence=1&isAllowed=y
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