1. What sources of income do households have? Like the Foleys, most people have different sources of income. Income is the money
received by a person or a household. Income can be regular or irregular. Regular income is a predictable amount of money received every week or every month. Irregular income is unpredictable in size and frequency. It is also known as additional income.
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Examples of Household Income Regular Income
Student Employed Person Self-Employed Person Unemployed Person Pocket money
Wages / Salary Child Benefit
Gifts Casual work Overtime Commission on sales
Salary from a business Dividends (profit from the business) Child Benefit
Jobseeker’s Benefit
or Allowance Child Benefit
Retired Person Pensions Interest on savings
Regular income Regular income is a predictable amount of money received every week or every month. The following are some examples of regular income: Wages are paid weekly and are often linked to the number of hours worked. Salaries are paid monthly, usually regardless of the number of hours worked. Unemployment Benefit is paid by the State to people who are out of work to provide them with a basic level of income. Child Benefit is a monthly social welfare payment paid by the State to all parents or guardians of children up to age 18, while they are still in education. Interest on savings is the amount of interest earned as a percentage of the amount saved. Pocket money is sometimes paid to children by their parents or guardians. Pensions are paid to retired people. These are usually far less than a wage.
