1.1 Background to the Study
Socio-economic status is a definite background variable that represents a feature of the social structure in society (Oakes & Rossi, 2003). It is a fact that families where the parents are privileged educationally, socially and economically, promote a higher level of achievement in their offspring. The socio-economic status of a child is usually determined by parental educational level, parental occupational status and income level (Jeynes 2002). It is understood that low socio-economic status negatively and depressingly affects students’ academic achievement. Due to low socio-economic status, a student does not have access to important resources and generates additional stress and tension at home (Jeynes, 2002, Eamon 2005). According to Parson, Stephanie and Deborah (2001), Socio-economic status is an expression which is used to differentiate between people’s relative status in the community with regard to family income, political power, educational background and occupational status.
Socio-economic status is an economic and sociological combined total measure of a person’s work experience and of an individual’s or family’s economic and social position in relation to others based on income, education and occupation. When analysing a family’s socio-economic status, the household income, earner’s education and occupation are examined, as well as combined income verses with an individual, when their own attributes are assessed (Keltner, 2008).
In the current era of globalisation and technological revolution, education is considered as a crucial step for every human activity (Farooq, Shafia, & Berhanu, 2011) and it is considered as the lifeline for efficient and stable working of human society. Education does not only provide knowledge and skills, but also inculcates values, training, fostering right attitudes and habits. Cultural heritage and values are transmitted from one generation to the next through education. Education is the best legacy parents can give to their children. The development of the nation starts from the family. When the family succeeds in teaching and impacting good values in their children, the country becomes a better place to live. It is generally believed that the basis for any true development must commence with the development of human resource. Formal education is the demonstration of such desires to effectively and efficiently build a sound and strong economy. Education is very vital in the human existence because the society and education are interrelated and inter-dependent. This can also be seen in the nature and development of a child born in a given society.