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.

none of those

Over 55 and remortgaged at 1.75 last year but aware that need to have mortgage paid off before 5 year fix ends. Its a 10 year mortgage and so high repayments. 2% pay rise (but in high salaries)

Cant get anyone to do work on the house and so cant sell it.

Don't really have many savings but have very large pension funds and large equity in property.

Very reluctant now do go into any debt, whereas would have been quite happy to borrow on credit cards to fund building work before. Will skip a holiday this winter to get a new boiler- whereas would have done both.

£750 a month gas/electric bill (just been dropped to £540) Used to be about £350-400

Pay adult children's car insurance and phones as they are on a family policy and have been forever. Gave them £3k each last year on top of birthday/Christmas.

Dont enjoy spending more time at home. Have cut eating out but that is particularly for financial reasons- more time.

Closest to 4 but we always lived frugally due to low income, income has improved but obviously costs rocketed 😭

Main difference is that the DC are now adults so those still at home pay board.

I think more people are 6 than would actually admit to it, most people who are affluent also have affluent families and so don't see what it's like for the precariate. I also think two people can have very different view of the same financial situation, e.g. DH drive me mad with his worrying about the CoL and how we're going to cope whereas I know we save a significant chunk of our income and are in a much better financial situation than 90% of people and so think it's rather tasteless to complain about the relatively minor impact it has had on us so far. He was privately educated and can be clueless about poverty.

Somewhere between 3 & 4 I guess.
We’ve never really gone on holiday or eaten out, so that’s not been affected. Fuel bills, we’ve somehow been paying the same amount monthly for a couple of years & currently £700 in credit, so that didn’t affect us. Mortgage fixed low for another 3.5 years - that one is concerning for then though. If/when our cars die, that is a worry.
The main thing I’ve noticed is food prices - but our wage increases, while relatively low (5%), have covered that.

To summarise - we could never afford a lot of this stuff in the first place, therefore our outgoings were already quite low. The things that have increased, salary increases have covered thus far. We may be fucked in a few years’ time though.

There should be a group for people who are actually better off because at the same as the COL situation, Covid/Brexit pushed up demand for their skills so their employers responded with substantial pay rises. This is nearly everyone working in High Finance (hate the term, but can’t think of a better way to explain certain finance jobs in London) and City Lawyers. The starting salary for our graduates alone is up 20% since 2021.

Between 5&6. Affluent and not affected, and no one close to me is affected. I'm aware that others out there are affected though and keep up with the news.

None really. Probably 4 closest but we still have a mortgage and are in our 40ies.

I agree with you.
Not many would admit they are 6, but you see this attitude a fair bit on threads when people who are well off blame poor people for being poor.
Also as expected lots of well off people with plenty of assets and money not willing to admit they are basically unaffected by cost of living crisis. Sure things cost more, but their life remains unchanged.

None of the above. They're very weird specific descriptors that won't fit everyone.
We're not rich but financially comfortable in regards to our daily needs and bills and my nearest and dearest are all the same.
However we do have a large mortgage and fuck all pension so would need to relocate and downsize in the future.

Between 3 and 4 as I am having to make cut backs but the impact hasn’t been huge. So we’re still having hot water but only twice a week. We have eaten out in the supermarket cafe but one child’s meal was free and the other ate some of mine and this is what we’ll do all summer if we eat out. I’m looking for cheaper days out and taking picnics. I’m not buying myself any clothes.
No mortgage or rent to pay though so very lucky there.

Between 3/4. I am well over 55, 18 months off retirement and private rent, so still going to affected by ongoing costs.

On title, we’re “fretting about the future” but none of the rest of that description fits. We’re 30s with young children and a huge mortgage (south east, only way we could get on ladder). We took a 5 year fix so we are ok for now and hoping that the decrease in nursery fees as our oldest starts school will go some way to offset the likely huge hikes in interest when it comes up for renewal. Our salaries are ok so although we notice prices going up, for now we can still afford all our essentials and as much socialising as we tend to do anyway with 2 toddlers.
We won’t be doing any costly home improvements, holidays, big treats etc for the foreseeable future and are saving as hard as we can to have a cushion for the rate hikes. Also worrying about how those in worse positions are coping - will help out our family etc if needed and are buying a new extra bits for our local food bank in every shop.

None of them. I'm over 55 but with a relatively large mortgage. I'm worried about how we will pay it.

Absolutely 5.

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.

We fit in there, although we're in our 40s with three young kids at home. We're lucky enough to have a small mortgage and plenty of left over cash.

I don't really understand what "around half say they have enjoyed spending more time at home" means though.

This, but I'm 58. I worry on behalf of people who are struggling and hope for a change of government at the next election. I know people will say they don't think another party will do better, but I really fear what will happen to this country if we have another four years of the sharp decline we are seeing now. Surely giving someone else a try is better than just watching that.

2

None. I can afford the rising prices and so can my loved ones, but I really feel for those who can't. We should be complaining more not less.

Between 3 and 4. Coping now with cutbacks but have big long term concerns as little room to save for mortgage and retirement.

Somewhere between 4 and 5. Early 50's , barely anything left to pay on our mortgage. We aren't fretting at all but money certainly isn't going as far as it used to and we are thoughtful about funding DS's living expenses through uni when he starts next year.

None. Between 5 and 6. Not affected but not apathetic.

None. Affluent but apathetic is surely just the out of touch like the royal family and children of billionaires.
Loads of people like us may be affluent now but have been just scraping by at some point in our lives.
This colc has happened many times before to many people including us. We're just at a different stage in our lives now.

I am No.3

4/5 but we are in our 30s, none of our family are struggling either but we’d help them out if needed.

I suppose group 4 albeit I'm 39 instead of over 55.