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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

What makes you privileged - financially

234 replies

IknoIkno · 10/11/2020 18:42

Name changed.
I know we are in the worst pandemic since World War 2 and all.

I talked to a childhood friend earlier and she said(in a huff) I am financially privileged because I do not have a set budget for day-to-day expenses.

Is there such a thing as financial privilege?
To think it is the go-to defence for those with poor personal finances plans

OP posts:
IceCreamAndCandyfloss · 10/11/2020 19:17

@StoneofDestiny

If you have worked hard and made sacrifices to earn a large salary, it's not a privilege. Unearned income is a privilege as you've not expended any energy, or missed out on things to get it.
Agree. I don’t see earned income as a privilege as it’s in exchange for work. Its unearned income that’s a privilege as someone else has had to put the effort in to earn it.
ShirleyPhallus · 10/11/2020 19:18

Why would you name change for this unless you know what goady sort of nonsense it is?

IknoIkno · 10/11/2020 19:19

If you have worked hard and made sacrifices to earn a large salary, it's not a privilege

This is exactly the point. This is a comparison between friends with similar background but years down the line the other friend forgets different and at times poor personal choices.

OP posts:
Divorcedatlast · 10/11/2020 19:20

I see being able to do a food shop and not having to think about what I put in my trolley as the ultimate financial privilege. I recognise how lucky I have been to never have been in that position and think about it every time I do a shop.
I am exceptionally lucky and grateful for the opportunities I have had and take nothing for granted.

righttothepoint · 10/11/2020 19:20

I can buy whatever I want (within reason, not like cars etc) for the month without having to check my bank balance, also have the heating on as much as I want.. I feel hugely privileged being able to do that and not have to give it a seconds thought when people have to think about every penny. arguably they are far fore financially savvy than me for having to do so.

HappyChristmasTreeRex · 10/11/2020 19:23

I don't believe that those who are financially well off neccessarily work harder or make more sacrifices than those who are not. At the moment anyone who is financially stable might be seen as financially privileged.

CountFosco · 10/11/2020 19:25

It's related to class privilige really isn't it. OP, what's your household income? Average household disposable income (after tax and benefits) is £30,800, equivalent to joint headline salaries of ~£37K. NMW is 60% of median earnings so £8.72 ph (so about £17K). If you have a household income that is above that then there is your answer to why you are so good at financial stuff.

MitziK · 10/11/2020 19:27

Of course there's financial privilege.

It's when you

Earn enough to cover the cost of a roof over your head.
Earn enough that the gas/electric statement in April, giving the amount that will be taken by Direct Debit only causes a sharp intake of breath instead of panic and you haven't spent days sitting in a freezing cold room, unable to cook anything because the credit's run out on the meters.
Earn enough that you're never in the situation of not having enough money to get to work.
Can pick up what you fancy eating or is healthy in the supermarket, rather than trying to make do with whatever's reduced to clear, even if you don't like it/it's nutritionally useless beyond providing some calories.
Don't worry about being ill because if you are, you can pick up a prescription or buy something OTC.
Aren't bothered by having to WFH because whilst self isolating is crap, you've got an internet connection, a phone and a laptop on which to do the work. And you can put the heating on if you feel like it.
Aren't bothered by the weather suddenly getting cold and wet because you've already got a coat, umbrella and shoes that don't let water in. And if you find that your shoes do let water in or the sole separates, well, you can buy another pair or take them to be resoled.
Don't have to worry about whether your clothes are suitable for work, as a red sock disaster is just a pain in the arse and something that tears & can't be repaired can be replaced.
Don't have to worry about smelling bad because you've got the means to dry your clothes even in the winter without them hanging around and mouldering.
Don't dread brown envelopes in the post.
Don't have that moment of fear at the checkout, thinking 'please go through, please go through'.
Don't dread the thump on the front door because it's the Amazon driver, not a bailiff.
Know that whatever happens with Covid, your job/your DP's job, you'll be alright for a few months until one of you picks up some more work, because you each earn enough in your own right to cover the bills, rather than wondering how you'll make it to the 27th with no money for food, rent, mortgage or council tax.

In the great scheme of things, we earn fuck all. But we are still hugely privileged compared to many, many people - and compared to how we were two years ago, when he had to leave his father alone, rather than stay and care for him following a stroke because I could not afford to support him being there and pay the bills by myself for more than two months before I'd completely run out of money and available credit.

PigletJohn · 10/11/2020 19:27

I follow the Micawber principle of money management.

Lightsontbut · 10/11/2020 19:28

@IknoIkno

I think most people can achieve some sort of "financial privilege" with some form of financial planning and living within personal means.
Do you know what most people live off and average housing and basic costs? Cos this sounds really, really naïve.
stayathomer · 10/11/2020 19:28

have you ever heard the argument that it costs more to be poor?
Oh my god this! When we rented we were poor and played 3 times what we pay for our mortgage now plus you dont have home security. You cant pay by dd in case it doesn't come out so you have to provide up front payments to show you're trustworthy. You cant get loans, you can't pay for things by the year so you get penalised. Then there's things like having no savings if things break and your kids don't have nice clothes or do after school activities. Financial security is the opposite

MrsSpringfield · 10/11/2020 19:31

"Agree. I don’t see earned income as a privilege as it’s in exchange for work. "

Don't agree at all.
Some people are in higher earning positions because of their background & connections. And being in a higher earning position isn't always a harder job. Some of the high earners in my workplace (public sector) do bugger all, pass on the hard work to others, swan about networking. They don't deserve their pay packet. They live a privileged lifestyle - undeserved.

Waxonwaxoff0 · 10/11/2020 19:31

You sound smug and goady. You obviously think you're superior because you made "better" life choices.

RunningFromInsanity · 10/11/2020 19:32

I’m financially privileged thanks to my parents. I didn’t work for this money at all. That makes me very lucky and privileged.

I don’t have to think about my bank balance before spending anything.
I have thousands of pounds of savings plus tens of thousands in ISAs, Shares and Premium Bonds,
My parents bought me my house outright, so I don’t have a mortgage.

I’m incredibly lucky because this enables me to have my very low paid dream job, and not have to worry about whether I can afford to live.

^ That’s financial privilege.

Hairydilemma · 10/11/2020 19:33

I think if you already have some degree of financial privilege you’re far more likely to be able to improve on your position.

If you have no privilege to start with, it’s (increasingly) difficult to develop it.

SpnBaby1967 · 10/11/2020 19:34

We lived on the bread line when we had to choose between food, heat and petrol and we both worked full time but in low paid roles in an area of the country with large expenses.

Now, 10 years on we are comfortable. We can pay all our Bill's, buy bits for the kids when they need it, saving for our first holiday and can afford the vet/car/white goods bills that inevitably hit. But our previous life has made us much more careful with our money now.

Is it privileged, I dont know? We both worked our butts off (especially my husband) to get us to this position and have never claimed benefits other than child benefit. But we also had the life skills and the education to succeed in our jobs and progress financially.

I'm not sure it's as cut and dry as financial planning.

Lowkeevslucille · 10/11/2020 19:34

There's another thread with posters claiming that "men" can only work long hours because they are trying to avoid their family Hmm

There is something about working for what you got.
Maybe not everybody working long hours will earn a fair enough
but there's even less people earning a very comfortable living by doing bugger all.

kittykat35 · 10/11/2020 19:34

I'm financially privileged OP but I still know
that if I had NO money then I wouldn't have a budget to work with in the first place to make myself financially privileged...if the money doesn't stretch then it simply doesn't stretch!!

Hoppinggreen · 10/11/2020 19:36

I think I am very privileged purely due to the fact that I don’t have to worry about things breaking such as cars, boilers etc

OneRingToRuleThemAll · 10/11/2020 19:36

I have all the things that people mention but I feel sensible not privileged. I live in a small house by choice, don't buy things unless to replace something that is broken. Live below my means, including limiting my family size because I can't afford the number of children I want. People can pile on and scream privilege, but to me its lifestyle choice.

Diva66 · 10/11/2020 19:37

I come from a very poor background so even though I have a decent standard of living now I do still keep a close eye on my finances. I’ve worked hard and gone without, I can now help others and that is probably what ‘financial privilege’ means to me.

MyGazeboisLeaking · 10/11/2020 19:39

@IknoIkno

I think most people can achieve some sort of "financial privilege" with some form of financial planning and living within personal means.

I don't agree with that at all, OP.

It's short sighted and shows very limited awareness to think that ' most people ' have the ability to become financially privileged within their means.

mayflowerapplepie · 10/11/2020 19:39

@IknoIkno

I think most people can achieve some sort of "financial privilege" with some form of financial planning and living within personal means.
Well I think you are an ignorant dick (and I say that as someone who is hugely financially privileged)
fucknuckle · 10/11/2020 19:40

weirdly, i’m one of the people least affected financially by the pandemic.

the downside is that this is due to me being disabled and living entirely on benefits. i get ESA, PIP, housing benefit and council tax reduction. i also have a motability car (which has changed my life).

my ‘income’ is unaffected and i consider myself financially privileged because of that. i mean, i’m poor and i have to budget very carefully and it’s a bit cold in here but nothing will change for me.

i worked my whole adult life, paid tax and NI. i’m now physically disabled, live with chronic pain and my mental health is shit. properly, laughably, dangerously shit.

so yes, i’m lucky in that my income is set and won’t drop. i’d swap it in a heartbeat for a normal life with no pain and no depression and generally being a contributing member of society.

it’s all relative, isn’t it.

Elsielouise13 · 10/11/2020 19:40

So what is the correlation I wonder between family size and financial privilege? If one assumes FP is a ‘thing’ and can be determined, then should one ( aside from circumstance beyond control) only have the relevant number of children possible to maintain the FP status?

Or is it socially or morally wrong to even consider that financial status should have any impact on family size (from an intentional POV).....

ponders and has a small bet with myself on the majority opinion

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