Abstract
This paper examines the factors that influence the socioeconomic development of employees particularly those having poor financial backgrounds. We investigate the relationship between intergenerational socio-economic mobility and subjective well-being moreover. We look at different measures of intergenerational mobility — 1. social, 2. educational, 3. Occupational and 4. income mobility as well as 5. change in their socio-economic conditions. The mobility determinants under study included the individuals’ academics or level of their literacy along whit 2. their parents and family educational backgrounds, their prior economic status, and their financial status from what level of prosperity they use to belong, their siblings, children, and gender. To achieve this objective, this study adopted a questionnaire-based survey approach. A quantitative study was made by using a survey of about 370 responses. These individuals belong to different age groups, having different financial statuses, and having different social backgrounds. The data was analyzed using Structured Equation Modeling. The results suggested the number of children has a significant effect on downwards education mobility, however negatively affecting downwards income mobility and contributing to better socioeconomic conditions. However, the number of siblings positively affect upwards educational mobility but at the same time, downwards social mobility. Similarly, the level of self-education is negatively affecting education and income downwards mobility, hence contributing to the betterment of education. Father’s education level is causing an increase in social upward mobility but a decrease in occupation mobility, it is also contributing towards downwards income mobility. Mother education also seems to affect downwards social mobility as well as occupational mobility. Employees' prior economic status seems to negatively affect income downwards mobility, occupational mobility, as well as socioeconomic conditions. The key findings of this study suggest that both social backgrounds and levels of academic achievements have a significant impact on individual development in social and economic prosperity and play a significant role in the development and utilization of their skills.
Published Version
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