Who exactly stands to benefit the most from UBI?
Well, this policy has the potential to have a significant impact on various groups in society.
In this article, we’ll explore seven groups that will see the most benefits if UBI were implemented.
Stay with us as we unravel how UBI will bring about significant change for these sectors of society.
1. Low-Income Individuals
Let’s start with the most obvious – low-income individuals. With a universal basic income in place, these individuals would receive an additional source of income, which has the potential to lift them out of poverty.
UBI can be a game-changer for these individuals. Why? Well, this regular, guaranteed income can provide a safety net, reducing financial stress and providing more room for upward mobility.
Firstly, UBI ensures that basic needs such as food, shelter and healthcare are met.
This allows low-income individuals to focus on improving their situation rather than merely surviving.
Secondly, UBI will potentially offer these individuals the opportunity to invest in education or training.
This will lead to better job opportunities and increased earning potential in the long run.
Finally, UBI will also lead to better mental and physical health for these individuals.
Financial stress can lead to a host of health issues – alleviating this stress through UBI will have significant health benefits.
While the exact impact of UBI on low-income individuals would depend on a range of factors, there is no doubt that it has the potential to bring about significant positive change for this group.
2. Unemployed or Underemployed Individuals
Next, let’s consider those who are unemployed or underemployed. UBI will provide significant benefits to these individuals too.
Unemployment can be a challenging experience, often filled with financial stress and uncertainty.
UBI will help mitigate these issues by providing a consistent and reliable source of income.
For underemployed individuals, those who are working but not getting enough hours to make ends meet, UBI will supplement their income.
This would provide some financial stability and help to reduce financial stress.
Moreover, UBI will potentially free these individuals from the need to take on any job simply to survive.
Instead, they will spend more time looking for work that aligns better with their skills and interests.
UBI will also provide the financial security needed for these individuals to invest in further education or training, opening up new employment opportunities.
READ ALSO: Who Opposes Universal Basic Income?
3. Gig Economy Workers
The gig economy, characterized by short-term contracts or freelance work, has been on the rise.
However, it often comes without the stability and benefits of traditional employment. This is another group that will significantly benefit from UBI.
Gig economy workers often face periods of income instability due to the nature of their work – some months might be lucrative, while others might be lean.
UBI will provide a stable income base to help smooth out these fluctuations.
Moreover, without the safety net of employer-provided benefits like health insurance, retirement plans, or paid time off, gig workers can find themselves in precarious financial situations.
UBI will provide an additional layer of financial security for these workers.
Furthermore, UBI will potentially provide gig economy workers with the freedom to be more selective about the jobs they take on. This will lead to better working conditions and higher job satisfaction.
4. Single Parents
Single parents, managing the demands of raising children while often being the sole breadwinner, represent another group that will see significant benefits from UBI.
Raising a child is expensive and time-consuming, and for single parents, this burden can be overwhelming.
UBI will provide an additional income source to help cover these costs.
In addition to financial support, UBI will also provide single parents with more flexibility.
With the guarantee of a basic income, they might have the freedom to reduce their work hours or take time off when necessary to care for their children.
Moreover, UBI will reduce stress levels for single parents by providing a safety net that lessens financial worries.
This will lead to improved mental health and overall quality of life.
Ultimately, UBI will provide single parents with increased financial stability, flexibility, and peace of mind.
5. People with Disabilities
People with disabilities, who often face additional financial burdens and barriers to employment, will also stand to benefit greatly from UBI.
With UBI in place, individuals with disabilities would have a guaranteed income.
This will provide a safety net for those who are unable to work or who face discrimination in the job market.
Additionally, UBI will help cover the often high costs associated with disability, including medical care, assistive devices, and other necessary supports.
Furthermore, UBI will provide more independence for people with disabilities.
With a guaranteed income, they may not need to rely as heavily on family members or social services for financial support.
6. Students
Students, particularly those in higher education, represent another group that will benefit from UBI.
Many students struggle to balance their studies with part-time jobs to cover living expenses and tuition fees.
With UBI, students would have a guaranteed income that will help alleviate these financial pressures.
UBI will allow students to focus more on their studies rather than worrying about making ends meet.
This will lead to better academic performance and increased opportunities post-graduation.
Additionally, UBI will provide the financial freedom for more individuals to pursue higher education or vocational training opportunities they may not have been able to afford otherwise.
7. Elderly People
Finally, elderly individuals, particularly those living on fixed incomes or who are unable to work due to health issues, will see significant benefits from UBI.
Many elderly individuals struggle financially due to rising healthcare costs and the lack of income from not working.
UBI will provide an additional income source to help cover these costs.
UBI will also alleviate the financial stress many elderly individuals face, leading to improved mental health and overall quality of life.
Moreover, UBI will provide the financial stability that allows older adults to age in place, rather than being forced to move due to financial constraints.
