lcg = in continuation.
//these elders, of course were all well educated and financially well off (and able to spend lots of time on their 'religious' activities) because they had all gone to university and had spent time building careers or a business after leaving school themselves. this is also how they achieved their 'respect'; social standing within the group;//
How do you know they were all well educated & financially well off because they had gone to university?
When I was in full time education (60s) it was difficult for anyone to get into university unless they had wealth or were "clever" enough to obtain scholarships. Unlike to day, when almost anyone can get in. So I doubt very much that all elders were wealthy or university grads.
Again, it must have been a good number of years ago as in my own congregation for example, we have a number of young elders, who are not rich, nor been to university and have families.
I have been in a number of different congregations, and not just in this country, whereby the elders are family men and not all have had college or university education. Not saying that they are uneducated, some choose not to go on to take further education. As mentioned in an earlier comment, my son had the opportunity to go to university but chose to take an apprenticeship instead and has an extremely responsible job which is more than can be said for a couple of his friends who chose to go to university.
Also, elders have certain biblical qualifications to meet which I won't go into.
Your next point of contention:
//worked for a number of years or developed their business to the point where they don't need to turn up to work every day (i.e. employ others to do it for them) will have the time to consider being an elder....therefore, by default older, wealthier or retired members of the congregation take that role.//
Sorry - you are wrong. As mentioned above not all elders are older, wealthier or retired. Not all elders have had businesses. Are you getting confused here with the Plymouth Brethren?
Again, as already mentioned, elders have qualifications to meet and don't just decide to become one.
...........again to be continued.............