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Insured Privately? Wealth Stratification of Job Loss in the UK
[journal article]
Abstract Job loss is a significant income shock that can lead to declines in living standards and satisfaction. Wealth can provide a key resource in stratifying the risk and the consequences of such an event. In this article, I examine the extent to which wealth stratified the experience of job loss in the U... view more
Job loss is a significant income shock that can lead to declines in living standards and satisfaction. Wealth can provide a key resource in stratifying the risk and the consequences of such an event. In this article, I examine the extent to which wealth stratified the experience of job loss in the UK from 1991 to 2008. I distinguish between different wealth groups using information on homeownership and home value of primary residency, and then study whether these groups face different risks and/or consequences of job loss. The results show that renters were a significantly disadvantaged group compared to homeowners during the observation period. Not only did they faced a significantly higher risk of job loss, they also experienced greater declines in earnings, household income, and life satisfaction, and larger increases in income poverty in the year of job loss. Among homeowners, the risk and consequences of job loss were similar. In a country like the UK with minimal public insurance for unemployment, homeownership appears to provide a significant source of stratification for job loss.... view less
Keywords
homeowner; job loss; social stratification; apartment ownership; income situation; satisfaction with life; standard of living; Great Britain; renter; rental appartment; household income; risk
Classification
Sociology of Economics
Free Keywords
home value; insurance function; welfare stratification
Document language
English
Publication Year
2023
Page/Pages
p. 135-147
Journal
Social Inclusion, 11 (2023) 1
Issue topic
Wealth Stratification and the Insurance Function of Wealth
ISSN
2183-2803
Status
Published Version; peer reviewed