Which financial group are you

[askmeonemoretime]

WHICH have divided the UK population into six broad groups around the cost of living crisis.
Which do you fit into?

1. 9.2 million members of the drained and desperate group – who often skip meals and one of whom said “it feels like I’m existing instead of living”

1. The anxious and at risk are much more likely to have borrowed money to maintain basic living standards than to have cut back.

Six in 10 of the anxious and at risk group have increased their debt in the last six months – the highest among all groups. They are also more than twice as likely as the rest of the UK population to have used buy-now-pay-later schemes. Anxious and at risk group are typically earning £20,000 to £45,000, are aged 18 to 34, have children, work and rent their home.
Half of them said they worry that they or other members of their household aren’t eating healthily enough, have increased anxiety and are getting more distant from their friends.

1. Cut off by cutbacks” have seen their social life “massively impacted”, straining relationships and leaving them feeling more lonely and isolated. Their primary concerns for the future include feeling increasingly isolated from family and friends.

1. Relatively unaffected by the crisis are the “fretting about the future” cohort. They are often aged over 55 and own their homes outright. They have bought cheaper products but around half say they have enjoyed spending more time at home.

1. Looking out for loved ones - personally unaffected, but worry about friends and family and often giving them a helping hand.

1. Affluent and apathetic - think people should stop complaining and just get on with it.

Not too sure really.

Lucky we are coping at the minute and not a lot has changed day to day but I’m aware if interest rates don’t change we will have to make some cut backs in our social life which isn’t the end of the world by any stretch.

There should be a section for coping but very pissed off at the situation.

I’m in a 4. I’m retired and no mortgage now, live on my own. 2 years ago I’d have said I was in a very comfortable position. But my pension (not at state pension age yet) has increased by average of just under 2% over last 3 years, and with inflation that buying a lot less.

what has scared me most is the food costs- particularly since start of this year. I’m struggling to come anywhere close to my food bill budget despite shopping more and more carefully. I’m now beginning to get a bit anxious as it comes to end of month and looking for masses of reduced price stuff

I’ve been protected from the worst of fuel price crisis as I fixed in 2021 until 2024 - at what I thought was massive rates then at start of increases when my old deal ended - but it has been a godsend to have fixed even at that price. I did cut down massively on travel and using car - I was refuelling only once a month and still set a limit on 1.5 refuels per month- I have definitely cut back on going out further afield because of it . I’m hoping by 2024 I can fix again at that price

I try to protect my “social budget” for the events and clubs I go to, and they haven’t increased prices much. For me I think it’s vital that I maintain a social life otherwise I’d be on my own in my home all day - and research shows that is a driver for isolation and poor mental outcomes in elderly. But I can see how many slightly worse off retired people than me, would have to start to drop those activities in favour of fuel and food. And that’s just storing up issues for their future health

so 4, but could see if this goes on longer with my pension raises well below inflation I’ll be rapidly going into 3 .

I’d add that I haven’t had a holiday since I retired - can’t stretch to that .

1. We stress tested our relatively small mortgage up to 15% but worry about siblings and their adult children some of whom fall into groups 1 and 2.

Probably group 4 but we're under 50 and still paying our mortgage.

4 or 5

Probably 4 - our fixed rate expires April next year and I'm quite worried about that. Primary aged dc so out of the super expensive childcare period. Decided a couple of weeks ago to go to the supermarket instead of online shops because I think I can keep the cost down better when I'm comparing price labels.

None of them.

Group 3b I would say. Unaffected to some degree, ie not worried about how we will afford life. Don’t own house outright. Age wise 50. But making cutbacks across the board to lessen the financial burden generally.

None of them. We match pieces of 4, 5 and 6 - tho not the apathetic bit

1, I have under £15000 a year including universal credit in that.

None, or somewhat 4/6.

Not cut back, still saving, 55+ own home, no mortgage, but thinking about retiring so maxing pensions. Still have DC at uni though, so helping out there for some more years yet.

Don't actually know anyone struggling, a very fortunate group.

Yes between 3 and 4. Can cover the basics OK but no holidays, minimal eating out, no big spending. Not worried for our family but aware off others less fortunate and as pp said, fed up with working so hard with none of the small pleasures whilst our corrupt politicians get richer!

None of them. I’m single and childless in my 30s and rent. My rent and bills have risen so I have less disposable income/ money to add to my savings than I did before, definitely not affluent but still have enough to socialise and do the things I want to do. My friends and family are all fine so I’m not worried about anybody.

So many groups missing on here.

Affluent but whining anyway.
Low income but ferociously savvy and proudly managing.

We're "affluent but budgeting anyway and donating to food banks". We have a baby on the way, but I luckily won £10000. We're thrifty by nature and habit, but have money to spend on anything we care for.

I think those options are quite nasty really.

Reminds me of that meme - the best trick capitalism paid was people who earn $700/hour telling people who earn $25/hour that their problems were caused by people earning $7.50/hour.

Well, it works the other way too. People earning $25/hour aren't generally the ones causing problems for those earning $7.50/hour.

(stolen from American meme, hence the dollars)

I'm not really worried about my own family and most of my friends are OK as well, but I'm very worried about our wider society and the impact on vulnerable people, and I do what I can to try to help.

None really fit but I’d probably be somewhere between 2 and 3. Single parent with mortgage and no debt but a low-ish earner with little savings or holidays abroad etc.

Affluent, happily family are the same. Realise not everyone is though, but no-one I know personally.

I would say we are most like 4. We are in our forties rather than fifties though. We don't have children so makes life cheaper. Our mortgage is fixed for the next 4 years so not immediately worried but do wonder how things will be when we have to get a new mortgage product. We've been using spare cash to overpay the mortgage but still having a holiday this year and have are able to buy anything we really want.

None of them - comfortable for the moment, aware could all go to shit, concerned about the overall state of things, not stressed personally.

I don't feel like I fit into any of those categories.

I'm a lone parent living in a HA property. I don't struggle day to day and haven't needed to make any cutbacks. I've got a lifelong tenancy so I'll never lose my home. But I am not wealthy and don't have much savings or pension.

I don’t feel like I fit in with any of those. We have less disposable income now and more is going on bills/food etc that before. We aren’t over 55 and haven’t paid if the mortgage though.

None of them but nearest to 4. I am retired with a small pension which does not stretch to current prices for food and fuel but I do have savings which I am now spending.

None of them. I’m affluent (no kids, no mortgage, salary that lets me save each month and gives me a cushion if prices go up again) but my family are better off than I am so I’m not worried about them or ‘offering them a helping hand’.

However, I’m definitely not apathetic and I absolutely don’t think people should ‘stop complaining and just get on with it’. How on earth are people suppose to do that when THEY.DON’T.HAVE.ENOUGH.MONEY.TO.LIVE.?

Mix between 4 and 5 but I'm 32

None of those - personally largely unaffected with no mortgage, high savings etc and people we know are not massively affected either but aware others struggling. Personally more concerned with the lack of state support for the vulnerable and disabled like number of SN and anxious kids without any education for years and the number of asd or ld left in inpatient sometimes being abused due to lack of community support. And dental crisis. Personally go private and have lovely dentist but there will be a lot of mouth cancer cases coming. NHS cancer treatment I have found mostly excellent for me.