OLD-AGE INCOME POVERTY According to the latest available figures, poverty rates of people aged over 65 were very high in Korea (50%), Australia (34%), and Mexico (27%). In contrast, the Netherlands and the Czech Republic have the lowest poverty rates: 2% and 3% respectively.

According to World Bank, the countries with the highest poverty rates in the world are:

• South Sudan – 82.30%
• Equatorial Guinea – 76.80%
• Madagascar – 70.70%
• Guinea-Bissau – 69.30%
• Eritrea – 69.00%
• Sao Tome and Principe – 66.70%
• Burundi – 64.90%
• Democratic Republic of the Congo – 63.90%

While countries in northern Europe have the lowest rates of child poverty, according to the OECD, the highest rates can be found in Israel, Turkey and Mexico where over a quarter of children live in poor families. Child poverty is seven times higher in Israel and Turkey than in lowest-placed Denmark.

In four OECD countries (Chile, Israel, Spain, and Turkey), more than 20% of children live in relative poverty; rates are particularly high, at around 25%, in Israel and Turkey.

The HHS issues poverty guidelines for each household size. For example, the poverty level for a household of four in 2021 is an annual income of $26,500. To get the poverty level for larger families, add $4,540 for each additional person in the household. For smaller families, subtract $4,540 per person.

8.9%

This statistic shows the average annual total money earnings of individuals in the United States in 2019, by age group. In 2019, the average worker in the United States aged 45 to 54 earned an average of 72,514 U.S. dollars per year. That made 45 to 54 year olds the highest earning age group, on average, in 2019.

An aging population may reduce wealth inequality. An individual’s wealth varies with age. Most people are born with little to no financial wealth and, as they age, they save part of their income to accumulate wealth or sometimes borrow to finance education, which creates debt.

Our findings show that inequality among older Australians is a function of a number of factors, including superannuation, housing, the age pension and health expenditures. The evidence shows that superannuation currently has less effect on levels of inequality among older Australians than housing and the age pension.

In sociology, age stratification refers to the hierarchical ranking of people into age groups within a society. Age stratification based on an ascribed status is a major source inequality, and thus may lead to ageism. Ageism is a social inequality resulting from age stratification.

Inequalities accrue and get reinforced over a person’s life. They come home to roost in later years, often exacerbating each other and causing greater disadvantage. Poverty, poor health, discrimination and marginalisation are all-too common realities for many older people in both developing and developed countries.

Fear of death and fear of disability and dependence are major causes of ageism; avoiding, segregating, and rejecting older people are coping mechanisms that allow people to avoid thinking about their own mortality.

Live longer and stronger. Good nutrition can boost immunity, fight illness-causing toxins, keep weight in check, and reduce the risk of heart disease, stroke, high blood pressure, type-2 diabetes, bone loss, and cancer.

In all age groups there exists a large disparity of wealth between men and women. This disparity accelerates markedly between the ages of 25-64, during which time the average wealth of men swells from $39 500 to $205 500.

Structural inequality is defined as a condition where one category of people are attributed an unequal status in relation to other categories of people. This relationship is perpetuated and reinforced by a confluence of unequal relations in roles, functions, decisions, rights, and opportunities.

Structural inequality is a system of privilege created by institutions within an economy. These institutions include the law, business practices, and government policies. They also include education, health care, and the media.

Social problems arise from fundamental faults in the structure of a society and both reflect and reinforce inequalities based on social class, race, gender, and other dimensions. Successful solutions to social problems must involve far-reaching change in the structure of society.

1. Problems which cause the uneven functioning of the economy.