What makes you privileged - financially

[IknoIkno]

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

Owning your own home and having a pension (state or private). I don't have either of these things so see anyone who has them as privileged.

@OneRingToRuleThemAll

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.

The fact that you have a lifestyle 'choice' is what makes it privileged! People on the bare bones of their ass who are have low income and no way of changing that while having overinflated outgoings because life if getting more expensive have no lifestyle 'choice' they DO budget to within an inch of their lives, but no matter how hard you budget you cannot stretch nothing!

@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.

I believe that is a privilege, @StoneofDestiny.

If you've been able to work hard and earn a large salary, you are fortunate. Not lucky, not it's landed it your lap, but you are lucky that a: perhaps you have a face that fits, b: you have a family / dc that aren't disabled or long term ill, so you've been able to focus.

I'm in the privileged / fortunate category, and I don't forget it for a moment.

@IknoIkno

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

As long as they earn a decent amount. If your bills are £100 a week and you earn £110....

Damn my poor financial planning and poor personal choices. Damn, damn damn, I could have been rich and privileged and best of all, smug

Yup, I'm financially privileged. Mainly in that I have never had to worry about bills, mortgage, buying the necessities or having to 'budget' hard. I did budget while on mat leave and while unemployed for over 6 months, and we have been short on saving sometimes but I always if things came to the worst I always knew I had family who could and would help out. So while I have worried about money, I have never really had to worry about money.

I haven't earned the privilege at all, I'm not paid loads, it's all because of inheritence that allowed me to put a good deposit on a property when young and other bits of money from the family since.

there's privilege as in inherited wealth too....even from having a room to study in as a child and a childhood life free of financial worries...

You have no idea op.

And you should count yourself very privileged not to have.

Financial privilege is being gifted a substantial deposit for your first house, or having it bought outright for you. Having university fees paid for so you are educated enough to earn a decent living, being able to call someone for help who can pay your bills should it all go tits up, knowing that one day there will be a bit of inheritance to enjoy, even if most of it goes on care home fees. It’s also having a job that pays good sick pay, or having been able to afford good insurance in the first place. So many people fail to see the headstarts in life they are given compared to those who have none of those things.

@IknoIkno

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

🤣🤣 ok.

I am hugely privileged financially, but I’m fully aware of how bloody lucky I am. But even with that knowledge and trying to understand more, I don’t think I’m fully aware of how hard some people have it.

I’d check out some charities that help people in poverty, or even look at the % of Pupil Premium children in your local school, that might help.

I lost my job in July, and so far havent had any success finding a new one (combination of brexit and pandemic have killed my sector).
How, OP, do you suggest I financially plan the £90pw that the government gives me to live off???

I agree with your friend. Also, not having to immediately move money into different accounts the minute you get paid, to ensure bills are covered. Not having to think when a ,big, bill is coming up (MOT) about needing to start saving weeks/ months in advance to ensure its covered. If invited out to so,etching, not having to check first if it's possible, just saying yes

We are by no means wealthy but we don't have to worry about unexpected bills, if we need something like clothes or a new computer we can buy it, we have savings, we don't have any particular budget for anything, I have no idea how much we spend in food shopping, and I often forget that it's payday because we weren't waiting on the money. If I lost my job we would have to budget more carefully but we'd survive no problem living on one salary.

We are incredibly privileged. And well aware of this fact and grateful for it.

Stone - I loathe the view that hard work and sacrifices will lead to a higher salary ... it might (for the privileged) but many people work very hard, make lots of sacrifices but still aren't able to earn a high salary.

I know I am very privileged, loving family, encouraged to do well at school and Uni, knew people 'in the right places' to help with job connections, able to pay off my mortgage by early 40s and now can choose to work in a low paid job because I love it. I am very, very privileged and would never forget it. Actually I never earned a 'high salary' by Mumsnet standards, but I still have huge financial privilege - I have never had to worry about when pay day is for example.

@Coldemort sorry to hear that what a nightmare. I work with people experiencing financial hardship and its the never ending stress of it and the fear of the unexpected (car bills, pets bills etc) that is so worrying. been there myself too and will never ever forget it.

@IknoIkno

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

Except the poor ones, right? Or do you think that poor people are poor because they just fritter away all their money?

There are some very hardworking, very organised people living very frugally and still unable to have enough left over to save. An unexpected bill is a huge stress/difficulty rather than a disappointment.

massive lack of social mobility in this country. am I getting off track?

@stovetopespresso thankyou. Any savings I did have went in the first few months. My boiler broke last year, and I'm terrified about it going again as I simply wouldn't be able to replace it. Any credit is spent on day to day living.
If the worry of the boiler breaking down doesnt keep you awake at night, then I'd say that's financial privalege.

mygazeboisleaking

I see it as I've been successful not privileged. Many have given up a lot to get to a comfortable position. Many regret the things missed out on and the cost of getting to that position, the sleepless nights, the stress, periods where bills couldn't be met, free time lost to work etc. There will be a cost to many peoples financial security.

Body blows come to people trying to get to a comfortable position too - bereavement, separation, illness.

I for one consider myself comfortable, definitely not privileged. However - I do see people in developing countries as underprivileged as they are, by no fault of their own, trying to survive in circumstances where basic needs are never met regardless of how much effort they put in, and no state aid, education or health care is available to them at all. Their personal choices make no difference to their well-being.
Even the poorest in our country would be considered 'privileged' by them.

I hate the way that people automatically relate high wages to hard work.
There are plenty of people in NMW jobs who work physically draining jobs and can barely cover their bills and then you have people earning stupidly high salaries while doing the bare minimum!

It is crystal clear you know the answer to this one already, OP.

@Coldemort sorry I'm going nerdy on you there should be a scheme to get you a funded boiler have a google for the which guide or money saving expert

To me...financial privilege is having enough to live on without going out to earn it yourself. Maybe through inheritance or trust fund. A situation where you either inherited your house or you know you won't ever lose your home if your job folded or you became too ill to work. That is privilege. Whatever you had to work for yourself isn't privilege because you had to work for it yourself and also because it can be taken away from you if your job folds or you become too ill to work.