In sociology, the term “affluence,” which literally translates to “prosperity,” is used to characterize the relative prosperity of formerly underprivileged populations, particularly the working class and the young. However, conservative critics sometimes link wealth to “having it too easy” and point to it as one of the causes of rising adolescent deviance and a decline in respect for established authority.
Affluence is a state of abundant wealth that will enable individuals to purchase anything of their choice.
The three dimensions of affluence
It is more appropriate to think of wealth as a diverse mix of several affluent states. Dimensions of economic resources—income, wealth, and the source of wealth—can be used to describe affluence.
The first dimension – Income
A flow of economic resources, such as labor, the return on investment, or government payments, may be referred to as income. However, windfall income is a different, less researched, and uncommon income from external sources like inheritances or lottery winners.
The second dimension – Wealth
The second aspect of prosperity is wealth, a stockpile of various things like real estate, priceless items, or financial assets.
Various income sources contribute to wealth, depending on a person’s spending and saving habits. According to analyses of the two variables’ distributions, wealth is substantially less evenly distributed than income. Depending on how it is utilized, wealth may provide several types of income, such as stock dividends, rental income from homes, or rising prices for priceless items like art. In contrast to how income is often transferred, wealth may be passed directly via gifts or inheritance.
The third dimension – Origin of wealth
The central issue is whether the amassed wealth was mainly acquired through hard work or inheritance.