1006GBS Why Money Matters: Socioeconomic Disadvantage


How has the COVID19 Pandemic impacted the households net budget position, both in terms of income and expenditure? The presentation should provide a definition of financial well-being. Key consideration should be given to how household income may or may not have been impacted by industry closure, as well how significantly household expenditure changed due to price and usage changes in the covid 19 pandemic.
Develop a 3 point plan for the household to improve its financial wellbeing. What steps can it take to reduce i) debt and expenses, ii) increase savings and iii) manage risk? Do research to ensure your plan is based on sound academic findings and cite
these in your presentation. Academic references must be used.Explain what is socioeconomic disadvantage. The presentation should present a definition of socioeconomic disadvantage that is appropriately sourced. Using 2016 national census data available at nationalmap.gov.au (Alternatively it is also available at https://stat.data.abs.gov.au/Index.aspx), make an assessment of the level of socioeconomic disadvantage in the LGA which covers:
• Per cent of occupied dwellings with no Internet connection
• Per cent of household with a total household weekly income of less than $400 a week
• Per cent of the population whose highest year of school completed is year 10 or less
Compare these to the same figures for Brisbane (LGA code 3100) to assess economic disadvantage. Explain what these figures tell us about the level of socioeconomic disadvantage in the region. Using the reading list and resourced provided in the workshop, provide an informed opinion about how you think socioeconomic conditions in the region helped or worsened your chosen household’s financial wellbeing during the COVID19 Pandemic and its ability to cope with the impacts discussed in question 1. Provide new solutions that could be implemented to support vulnerable households in the LGA and reduce the impact of economic disadvantage. 
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