The Acquisition & Use of Wealth (WJEC Eduqas GCSE Religious Studies): Revision Note

The acquisition of wealth

• The UK is the sixth-largest economy in the world, making it one of the wealthiest nations

• However, there are great levels of inequality within the UK

  • The UK’s richest 10 per cent of households have more than 43 per cent of the nation’s wealth, according to the Office for National Statistics in 2020

  • The poorest 50 per cent own just 9 per cent 

  • Between 1984 and 2013, the top 0.1 per cent (the wealthiest of all households) saw their share of the total wealth double

  • By 2023, the richest 50 families in the UK held more wealth — £466 billion — than half of the UK population combined (34.1 million people)

  • Income and wealth are also unevenly spread throughout the country — considerably higher in London and the South East than in other areas

• There are several ways that people might acquire (get) their wealth. They may:

  • Inherit wealth on the death of a relative

  • Start a successful business

  • Work for a business and receive an income. Some jobs have very high salaries, such as in sports and TV

  • Get wealth through gambling

  • Get wealth through criminal activities, such as fraud

The use of wealth

• People use their wealth and money in various ways, including:

  • Buying material things for living, such as a place to live, food and possessions

  • Paying for holidays and travel

  • Saving and investing for the future

  • Helping family and friends

  • Giving to charity

• Although Britain is often described as a materialistic society, the UK has traditionally been the most generous nation in Europe for charitable giving

  • However, this is declining. The UK Giving 2025 Report published by the Charities Aid Foundation shows that charities are now relying on donations from only 50 per cent of people, down from 58 per cent in 2019. This is equivalent to approximately 4 million fewer donors

Money and happiness

• People need money for basic needs, comfort and security, but most ethical and religious views teach that wealth alone cannot create a meaningful life

  • The famous saying is “money can’t buy happiness”

• Many argue that:

  • Happiness comes from relationships, purpose and contributing to others

  • Focusing too much on money can lead to greed or exploitation of others, as well as stress and unhappiness for oneself

  • Money should be used responsibly to benefit oneself and others

• The legendary musician Bob Marley said that the greatness of a man is “not in how much wealth he acquires but in his integrity and his ability to affect those around him positively”

• Christianity and Islam both teach believers about responsible attitudes towards the acquisition and use of wealth

Poverty

• Poverty is the state of being extremely poor or lacking in the basic necessities for life 

• This means lacking basic needs such as:

  • Food

  • Water

  • Clothing

  • Shelter

  • Sanitation

  • Healthcare

  • Education

  • Employment

• Absolute poverty is defined by the United Nations (UN) as severe deprivation of these basic human needs

  • Absolute poverty is a problem in many parts of the world, caused by factors such as war, corruption, lack of clean water and natural disasters, e.g. earthquakes and tsunamis

• Relative poverty is a standard of poverty measured in relation to the standards of the society in which a person lives. Someone in the UK may be considered relatively poor if they live on less than the average UK income

  • According to government statistics, there were 14.3 million people living in poverty in the UK in 2022–23

    • This includes 4.3 million children. This means that around one in six people in the UK live in relative poverty

  • Poverty in the UK is caused by factors such as unemployment, inequality in wages, lack of benefits provision, lack of education, illness and injury and population growth