Over the years, I have believed, that there is a strong correlation between age of an individual and his or her contribution towards household income. I decided to conduct a survey regarding the issue and recorded my findings as stated in this article. The overall aim of the project was to evaluate the correlation of age with household income as from recorded statistics.
Data for the proposed analysis was collected through structured interviews. The participants were randomly selected from the neighborhood to eliminate the chances of bias in the sampling method. This means each and every individual in the neighborhood had an equal probability of being considered for the proposed analysis. Such individuals included my immediate neighbors and friends’ of my parents. All participants were visited at their residence for the interview. Telephonic interviews were conducted where a manual visit was not feasible. In this research, the ethical issue associated was to maintain the confidentiality of an individual’s job function. These ethics were maintained, and no individual was interviewed regarding their job profile.
Descriptive statistics were used to find out the income according to different age groups. This included evaluation of mean, median and mode of income with respect to age groups. A regression equation was plotted to understand the relation between magnitudes of household income with respect to the magnitude of the age of a person. The …
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