What is socioeconomic status?

Socioeconomic status is defined as a combination of occupation, education and income that defines the standing and class of an individual, family or group. Typically, a person can have either a low or high socioeconomic status, depending on their access to resources and other factors relating to power and privilege.

People with high socioeconomic status usually have good financial, educational and social supports. Such families are able to support their children well and have access to resources. Families or people with low status have a complete opposite lifestyle. They experience difficulties in most parts of their lives, often finding it difficult to meet their basic needs.