Middle class but no money

[roopiea]

Does anyone else feel like this?

We would say we are middle class. Both university educated and privately schooled. In our 50s now. Parents had similar professions to us.

We work for the public sector, a teacher and management in local government. We live in a pretty reasonable part of the country. But we still feel we have no money for being in the middle class? We probably earn a combined 80k a year but live in a pretty bog standard 3 bed semi. Have holidays in places like Spain or Greece.

Whereas our neighbours are blue collar workers but seem to have so much more money than us. My best friend and her husband work similar jobs and they have a nicer house and better holidays than us.

Yes you are middle class.
Truthfully I am probably one of the people you talk about who have lower paid jobs, but seem to have more money. I think a lot of middle class people are very bad with money. I was brought up very poor so can manage money well to go out a fair bit and have nice holidays. But I do not waste money. I would not dream of buying lunch at work, I take a sandwich. I don't buy coffees. I do not pay for beauty treatments.

It’s not half as sad as you not realising it isn’t.

I came from a working class family but we weren’t poor. I have a university degree and have holidayed in the Caribbean many times. Love literature and the theatre. I’m still working class. If I won the lottery tonight it wouldn’t make me middle class. It’d make me rich. Class and money aren’t always connected. It’s our attitudes and integrity which define us

What evidence are you referring to?

I believe the mean average salary in UK is £37.5k. So £40k is slightly above average.

In London, mean average appears to be £47k, so £40k a bit below average.

I’m finding the ignorance on this thread absolutely astonishing.
class is nothing at all to do with how much you earn or what you own.
Otherwise people from Towie, Love Island and footballers would suddenly be upper class.
trades are working class, people who work with pens (roughly) are middle (perhaps lower middle in terms of teachers)

The person who said that you must be working class as you are not in charge of the methods of production is the most ridiculous as according to that theory doctors and solicitors are working class!!

So true. I mean, has anyone tried to get a plumber or electrician in? They will out earn a teacher by a mile.

This quite 80s, reminds me of Rivals and how Danny Dyer’s character is looked down on because he works in ‘electronics’ but is clearly the richest on the show.

I think these days if want a very comfortable lifestyle from a graduate job, you’re looking more at finance, tech, consulting.

It's a problem of comparison. If OP comes from a wealthier background than you and has wealthier friends, they will have a different idea of what 'normal' is, and a different set of expectations about what their life should look like.

The same things can look like you've made it in life to one person and be a terrible step down to another.

I think private school can be a waste of money sometimes. Bright kids will usually achieve well in a semi decent state school. Sometimes I think it would be as well just to save the cash and give it to them once they are older.

Middle class has evolved to mean a nice detached house, two children in private school, an expensive understated car, a cleaner, a luxury holiday every year etc etc.

but in reality many middle class folk (as per the original definition) were as poor as church mice.

You are an average couple living an average life. You aren’t higher earners so can’t afford the lifestyle you see on TV associated with the English middle class.

in America, middle class means just that. The middle. The average. It’s based on money not education or accent or parents jobs.

Um no, it's not Tony Blair's fault. More likely to be BREXIT - the elephant in the room.

You can if they tell you, do you not talk to yours?

Is that 80k gross or net OP?

Our combined gross income is about 100k (in an expensive area) and we certainly don't feel well off. We also have shit pensions.

I think in this wildly confused world - where everyone is either trying to trample on other people to seem fancier than they are or tearing each other down - you can be whatever class you decide to identify as…

That's not necessarily 'wasting' money though if it brings the person pleasure. It's all about individual choices.

A bit of a detail but mayI ask how you pay a quarter tax by being self employed?

£80k combined salary isn’t a lot especially considering your education.

Indeed. My friend’s builder in London is in high demand, has 3 BTL and kids at private school.

Which doesn't have much to do with class though.

We are on a similar income ( around 70k ) jointly to you op, both degree educated. I think we just decided to settle for easier lower stress jobs. Things were tight when our kids were little but mortgage paid off by early 50's and hoping to save for retirement and have half decent pensions to look forward to.

A 3 bed and regular holidays sounds fab!

We earn similarly but from how little I had growing up, owning a house, not being forced on to a top up electric meter and not staying in a caravan down the road in February half term every year, I feel very privileged!

If you're earning £40k you'll pay around £3.5k NI, tax of around £5k and probably at least £4k into your pension. So you have £27-28k of discretionary spending. Your husband has the same: so between the two of you at least £50kpa or £4+k net per month. If you bear in mind the secure and generous pensions you'll receive on retirement that's not so bad — and certainly beyond anything that people in the private sector can dream of. When you both get a £100k+ tax free lump sum on retirement, with an index-linked pension that I would kill for, I don't think you'll feel quite so hard done-by. Given your excellent pension prospects it may be worth borrowing some more money at this stage and taking more expensive holidays or having a new car or even upsizing if you want a bigger house, knowing that when you retire you'll be able to pay off any debts.

Or they're just better at managing money then op 80k is a significant wage and no reason not to have a decent car and nice holidays abroad on that.

When I read the title of the thread I guessed you were working in the public sector.

If you want money (but no job security) work in the private sector.

You’ve got no money because, well, you don’t earn much. Combined salary of 80k will not go far.