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How Does Money Shape People's Upbringing?

The upbringing of people for a very long time has been significantly influenced by money altering their possibilities and experiences, ultimately coming down to their ability of overall purchasing power. Whether you like to believe it or not, money does shape the majority part of childhood and after from the kind of education you are given: public vs private, or the area of residence in which you grow up living in a mansion vs living in a rented council flat.


Financial Income affects the childhood of people and their educational opportunities, with most children coming from high-earning households frequently getting into the top educational institutions across the country and having easy access to tools & resources. Additionally, children from wealthy households will also have the exposure and possibility of extra help and support in the likes of having a personal tutor outside of school hours further aiding them in excelling academically.

On the other hand, children that come from low-earning households go to underfunded, understaffed, and overcrowded education institutions lacking the necessary tools that are required in delivering education of the highest quality. Children of this background may also face common challenges such as insecure food & housing situations subsequently making it arduous for them to concentrate on their studies.

The future of a child unfortunately can be affected due to the differences in education. According to studies, students from low-earning households have significantly a lower likelihood of finishing high school and enrolling in a university compared to their wealthier peers due to factors such as not being likely to pay back tuition fees or maintenance loans confidently due to their financial situation rather opting to go straight into the world of work. This can affect their chances of moving up the corporate ladder as they do not have experience in higher education and beyond which can potentially run the risk of them being overlooked compared to peers wealthier than them. Also, they do not have the same opportunity or advantages of nepotism that wealthier children could have when they are older. The disparity and inequality, unfortunately, does not stop here with the majority of politicians in the United kingdom & Northern Ireland coming from a wealthier background and attending the best schools and universities in the country.

According to an article in 2019 by Gov.Uk, there was a report highlighting that Britain's most influential people are more likely to have attended private schools rather than state schools. Britain's most influential people are over 5 times more likely to have attended a fee-paying school than the general population. Just 7% of British people are privately educated, compared to two-fifths (39%) of those in top positions. The research found that power rests with a narrow section of the population- the 7% who attend private schools and 1% who graduate from Oxford and Cambridge. The report reveals a "pipeline" from fee-paying schools through to Oxbridge and into top jobs. 29% of current Members of Parliament come from a private school background, 4 times higher than the electorate they represent.

Cost of living crisis

This term describes a circumstance in which the price of essentials including housing, food, healthcare, and education rises faster than personal and family income that the United Kingdom & Northern Ireland has experienced since late 2021. According to the institute for government, to mitigate the problem, the government has responded to the crisis by providing several packages of support throughout the year. Due to the crisis, more and more people are finding it increasingly challenging to make ends meet as a result of this it is causing financial difficulty, debt and poverty massively affecting the middle & working-class specifically.


People's finances have been heavily impacted by the cost of living problem in many ways. First off, it has become more challenging for people that are renting to pay their landlords with those not facing the imminent threat of eviction for not doing so and also people vying to be new homeowners due to the ever-so-present rise in housing costs. Because of the rising housing costs, the influx of homelessness has significantly increased.

Food vs heating

Secondly, it has become more and more difficult for people to maintain a minimal level of day-to-day expenditure due to rising food & energy prices. Many out of their own control, have been forced to make some very difficult decisions as a result of this, such as choosing between purchasing food or heating their living quarters.

Healthcare and education

Thirdly, there has been been a huge increase in the price of healthcare and education. Due to the price increases many people have decided to either postpone or skip vital doctor appointments or have decided not to continue to pursue further education because of costs and expenses feeling that they will not be able to pay back tuition fees & maintenance loans.

Finally, as a result, people have to borrow money through loans to pay their bills, and the cost of living crisis has also resulted in an increase in debt. The cost of living crisis has made it harder for people to afford basic necessities, which has resulted in hard times, overwhelming debt, and an increase in poverty.

Money management

Compared to someone with a lower income, someone with a high income could approach budgeting with more laxness. They potentially might be able to afford more indulgences and have extra money, so they might not need to stick to a rigid budget.

A person with a higher income might have more options for investing their money into businesses, real estate, and stocks. Also, they can have easier access to investing experts and financial advisors. However, some that are of a significantly lower income are most likely to have lesser financial investment options and may be forced to rely on savings accounts or pensions.

Ultimately, it is crucial in understanding that each person's approach to money management is unique, and it is critical to pay attention to individual patterns of spending and financial circumstances. It is vital to prioritise financial management and future planning regardless of how much an individual is earning.

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