Analysing Socioeconomic Patterns through Income Disparities among B40 Households

Abstract

TThis study analyses socioeconomic patterns through income disparities, offering a comprehensive overview of three critical factors: household income, size and composition, and consumption and expenditures.  Apparently, the decline in average consumer spending due to job losses and reduced income levels is further exacerbated by the increased cost of living which has intensified financial pressures causing people to struggle financially. Considering the persistent income gap, B40 households are vulnerable to financial instability arising from low incomes, economic uncertainty, and a lack of resources that significantly limit their ability to afford basic needs and save for emergencies.  Subsequently, the provision of essentials for household dependents is largely determined by household income.  Nevertheless, household size and composition with the presence of multiple dependents substantially influence resource allocation and expenditure priorities.  Following a comprehensive database search, this study employs Scopus AI to perform an extensive analysis of the academic publications, applying methods such as descriptions and concept maps.  The findings shed light on the disparities between higher-income and lower-income households.  Addressing income inequality and allocating household resources efficiently could enhance the financial resilience of B40 households, promoting stronger economic stability and progress towards sustainable development goals.