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Third of middle classes too short of cash to pay a £500 bill
(From the Times)
One in three middle-class people could not pay an unexpected bill of £500 without resorting to borrowing, according to research showing the squeeze on household finances.
A poll for The Times illustrates the lack of disposable income for many British households as they try to square static wages with rising living costs.
Thirty-one per cent of middle-class voters — so-called ABC1s including professional, junior managerial and administrative workers — would struggle with a sudden bill of up to £500, the YouGov survey found. Forty-six per cent of manual workers and the unemployed, known as the C2DE category, would not be able to afford the bill.
Since the financial crisis wages have fallen by up to 10 per cent on some calculations when adjusted for inflation, with companies reluctant to offer staff generous pay rises while the recovery is fragile. According to the Office for National Statistics (ONS), average disposable income recovered slightly last year to £30,900 but is still below the pre-downturn 2007 level of £31,600.
In the same period the cost of living has risen steadily, with bills for food and gas and transport fares all higher. Households with children have faced an average rise in the cost of living of 2.4 per cent each year over the past decade, according to the ONS.
The YouGov survey found that across all social classes 38 per cent would struggle with a £500 outlay. The poll found a smaller proportion in more severe difficulties, with 14 per cent saying that they could not pay an immediate bill of less than £100 without needing to borrow money. Among middle-class respondents, this figure was 11 per cent. ONS figures found that 48 per cent of households in Britain were in debt in April, excluding mortgages. The insurer Aviva suggested that the average debt stood at £13,520 at the beginning of the year, up from £9,520 last summer.
Torsten Bell, of the Resolution Foundation, a think tank that focuses on inequality, said: “While wages are at last rising, there is a long way to go to undo the damage of the large earnings falls seen during the crisis.”
The YouGov survey, in which 1,648 adults were questioned between May 16 and 17, also showed that women were less likely to have ready cash than men; those in the Midlands, Scotland and Wales were the hardest-pressed. The young would be hit worst if presented with a big bill, with 49 per cent of those aged 18 to 24 unable to pay, against 23 per cent of people aged over 65.
The survey also asked what people would do if presented with a bill for £300. Half said that they would pay from their current or savings accounts; 25 per cent that they would put it on their credit card but pay it off in full. Thirteen per cent said that they would put it on their credit card but pay it off over time; 9 per cent would borrow from a friend or family member. Three per cent said that they would use a bank loan or approved overdraft, but 1 per cent said that they would use a payday loan. Eight per cent said that they would not be able to meet the bill.
Analysis
Middle-class households were spared the harshest of the government’s austerity but they could not escape the collapse in living standards after the financial crisis (Philip Aldrick writes).
Between the end of 2009 and the end of 2014 wages rose more slowly than inflation, leaving households nearly 10 per cent poorer in real terms, according to the Resolution Foundation.
Tax credits and a recovery in employment cushioned the blow for those on less than £30,000 in 2008, analysis by the Institute for Fiscal Studies showed, but households on more than £30,000 were worse off. By last year, the IFS showed, those earning £50,000 in 2008 were 4 per cent poorer in real terms.
Incomes have been recovering over the past two years, even though wages are stuck at relatively low growth of 2 to 3 per cent. Disposable incomes for working-age households are on average still less than they were in 2008.
(From the Times)
One in three middle-class people could not pay an unexpected bill of £500 without resorting to borrowing, according to research showing the squeeze on household finances.
A poll for The Times illustrates the lack of disposable income for many British households as they try to square static wages with rising living costs.
Thirty-one per cent of middle-class voters — so-called ABC1s including professional, junior managerial and administrative workers — would struggle with a sudden bill of up to £500, the YouGov survey found. Forty-six per cent of manual workers and the unemployed, known as the C2DE category, would not be able to afford the bill.
Since the financial crisis wages have fallen by up to 10 per cent on some calculations when adjusted for inflation, with companies reluctant to offer staff generous pay rises while the recovery is fragile. According to the Office for National Statistics (ONS), average disposable income recovered slightly last year to £30,900 but is still below the pre-downturn 2007 level of £31,600.
In the same period the cost of living has risen steadily, with bills for food and gas and transport fares all higher. Households with children have faced an average rise in the cost of living of 2.4 per cent each year over the past decade, according to the ONS.
The YouGov survey found that across all social classes 38 per cent would struggle with a £500 outlay. The poll found a smaller proportion in more severe difficulties, with 14 per cent saying that they could not pay an immediate bill of less than £100 without needing to borrow money. Among middle-class respondents, this figure was 11 per cent. ONS figures found that 48 per cent of households in Britain were in debt in April, excluding mortgages. The insurer Aviva suggested that the average debt stood at £13,520 at the beginning of the year, up from £9,520 last summer.
Torsten Bell, of the Resolution Foundation, a think tank that focuses on inequality, said: “While wages are at last rising, there is a long way to go to undo the damage of the large earnings falls seen during the crisis.”
The YouGov survey, in which 1,648 adults were questioned between May 16 and 17, also showed that women were less likely to have ready cash than men; those in the Midlands, Scotland and Wales were the hardest-pressed. The young would be hit worst if presented with a big bill, with 49 per cent of those aged 18 to 24 unable to pay, against 23 per cent of people aged over 65.
The survey also asked what people would do if presented with a bill for £300. Half said that they would pay from their current or savings accounts; 25 per cent that they would put it on their credit card but pay it off in full. Thirteen per cent said that they would put it on their credit card but pay it off over time; 9 per cent would borrow from a friend or family member. Three per cent said that they would use a bank loan or approved overdraft, but 1 per cent said that they would use a payday loan. Eight per cent said that they would not be able to meet the bill.
Analysis
Middle-class households were spared the harshest of the government’s austerity but they could not escape the collapse in living standards after the financial crisis (Philip Aldrick writes).
Between the end of 2009 and the end of 2014 wages rose more slowly than inflation, leaving households nearly 10 per cent poorer in real terms, according to the Resolution Foundation.
Tax credits and a recovery in employment cushioned the blow for those on less than £30,000 in 2008, analysis by the Institute for Fiscal Studies showed, but households on more than £30,000 were worse off. By last year, the IFS showed, those earning £50,000 in 2008 were 4 per cent poorer in real terms.
Incomes have been recovering over the past two years, even though wages are stuck at relatively low growth of 2 to 3 per cent. Disposable incomes for working-age households are on average still less than they were in 2008.
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The definition of middle cass has changed a lot though. When I was at school, middle class was doctors, lawyers, execs in leafy suburbs, Volvo and escort in drive etc. Nowadays anyone with an income and a laptop considers themselves as "middle class". I think of myself as working class, but I have a hell of a lot more money than most young "hipsters", or whatever they are called now!
Don't most of us have more than that in our Betfair accounts? 
Welcome to the club....the poor are already skint. Our government have seen to that.
Still if people will vote the Tories in, get on with it.
The Tories are only concerned with the rich.
Still if people will vote the Tories in, get on with it.
The Tories are only concerned with the rich.
Most of these people will be in that position because they didn't manage their money properly.
I never see any of these people with a suit and a laptop go anywhere without a cup of designer coffee.
Cost of living has risen too -- mobile phones, internet, Sky telly.
There is something nice about being poor. The sight of derelict houses makes me happy.
the house i live in looks like a hovel, but i am happy to live there.
Why should i be what i am not, and not what i am?
That would be stupid.
That would be stupid.
It always surprise me that more people do not live on the streets.
Christ sakes, shut the fk up ranting lfc. You are just posting every single inane thought that comes into your head.
Even if the street was dirty and cold, you see its like this. i would be happy to live there.
rob_dylan
rob_dylan
07 Jun 16 16:47
Christ sakes, shut the fk up ranting lfc
rob_dylan
07 Jun 16 16:47
Christ sakes, shut the fk up ranting lfc
If you keep voting for Thatcher spiv culture this is how you end up
Stupid question
Anyone who classes themselves middle class should have no problem whatsoever putting £500 on their credit card. That would be 'borrowing' but credit cards and finance/pcp/loans arent exactly earth shattering to well off people in the 21St century
Anyone who classes themselves middle class should have no problem whatsoever putting £500 on their credit card. That would be 'borrowing' but credit cards and finance/pcp/loans arent exactly earth shattering to well off people in the 21St century
Anxious just posts the same words on every thread, just in a different order.
Depends whether you're sticking it on plastic for convenience or because you don't actually have it in any other form, Zazu.
To be honest though, not being able to lay your hands on a monkey owing to the cost of your lifestyle is almost the definition of being middle class. If you're someone who always keeps a few quid in the building society while going without a designer coffee, then you're working class. That dread of genuine poverty with absolutely nothing to support you never goes away.
If you're upper class, then someone else takes care of the bill, thank you, even if an audit would show you don't actually have a pot to p1ss in.
To be honest though, not being able to lay your hands on a monkey owing to the cost of your lifestyle is almost the definition of being middle class. If you're someone who always keeps a few quid in the building society while going without a designer coffee, then you're working class. That dread of genuine poverty with absolutely nothing to support you never goes away.
If you're upper class, then someone else takes care of the bill, thank you, even if an audit would show you don't actually have a pot to p1ss in.
Living on credit is fine as long as you don't become unemployed or take a pay cut
Only a mug would save for years to purchase a new car considering how attractive finance deals are.
I can lose £500 on a bet and not blink an eye but I'd still class myself as working class.
Only a mug would save for years to purchase a new car considering how attractive finance deals are.
I can lose £500 on a bet and not blink an eye but I'd still class myself as working class.
I don't think the article was about purchasing a new car on tick. More about the kind of people who feel they deserve a new car now, on tick if necessary, but who would then have to put any unexpected repairs on the slate too.
If you create and endorse the Rat Race don't be surprised to see vermin rise to the top
Only a mug would save for years to purchase a new car considering how attractive finance deals are.
This attitude is indicative of the debt problem. Keeping up with the Jones's when you can't afford to.
This attitude is indicative of the debt problem. Keeping up with the Jones's when you can't afford to.
1.01 The biggest discretionary saving middle class people who haven't got any cash can make is on their motoring expenses.
call centre workers ,sec's and admin staff are all working class fwiw .
lfc1971 • June 7, 2016 4:30 PM BST
There is something nice about being poor. The sight of derelict houses makes me happy.
You are an amazingly well adjusted human being lfc1971, well done
I find it bloody awful to be poor myself, being rich would give me everything I want.
Sadly I grew old before I grew rich
.
When I was younger in the 1960/70's I was happy without being rich.
In hindsight I was wrong.
There is something nice about being poor. The sight of derelict houses makes me happy.
You are an amazingly well adjusted human being lfc1971, well done
I find it bloody awful to be poor myself, being rich would give me everything I want.
Sadly I grew old before I grew rich
.When I was younger in the 1960/70's I was happy without being rich.
In hindsight I was wrong.
lfc 1971 I was happy with my life, a job I liked my own flat,etc,
until I decided I would like a relationship with those "fiends from hell" also known as "women"
I lost everything I had, I never recovered
.
Worst still, again too late, I have since discovered that women can be brought when needed on a pay as you go basis
but I no longer have the money to pay for what I would really like.
You may not need money now lfc1971, but what about the future, you accrue a nice nest egg
learn from my failure
ps You are not required to believe everything I post
until I decided I would like a relationship with those "fiends from hell" also known as "women"
I lost everything I had, I never recovered
.Worst still, again too late, I have since discovered that women can be brought when needed on a pay as you go basis
but I no longer have the money to pay for what I would really like.
You may not need money now lfc1971, but what about the future, you accrue a nice nest egg
learn from my failure
ps You are not required to believe everything I post
Very true xmoneyx, I can live with being rich and miserable
the pound shop keeps me going. Can live exclusively out of it. Might break in and live in their rafters if it goes like mad max after the EU vote.. Food and plastic crap. Pens and paper to entertain. Plastercene to mold. oh yeah.
The middle class think that the working class work in potato fields.
The middle class think immigrants are needed because the UK working class are slow at picking potatoes.
The middle class support open door immigration but are not keen on opening their own doors to immigration.
The middle classes pay for therapy.
The middle class think immigrants are needed because the UK working class are slow at picking potatoes.
The middle class support open door immigration but are not keen on opening their own doors to immigration.
The middle classes pay for therapy.
If you can't pay a £500 bill. You aren't middle class - you are working class.
King's then barons then soldiers. Baron's have plenty of gold.
King's then barons then soldiers. Baron's have plenty of gold.
ebul
someone is poor when he goes to school in a torn jacket, who would deny that?
They wear tattered clothes and have dirty faces that are not beautiful
I understand what you say about beautiful women. They wear tight fitting dresses and high little boots..and you could watch them for hours for pleasure
Its worth the money.
someone is poor when he goes to school in a torn jacket, who would deny that?
They wear tattered clothes and have dirty faces that are not beautiful
I understand what you say about beautiful women. They wear tight fitting dresses and high little boots..and you could watch them for hours for pleasure
Its worth the money.
I think that the state should pay, when every young man turns say 16, for a visit to an escort. They would be required to go whether they want to or not
It would solve a lot of problems, these young women save lives.
It would solve a lot of problems, these young women save lives.
I remember in school reading about communist China, and how they all wore the same clothes like workers overalls. That i found appealed to me greatly.
It still does.
It still does.
not everyone seems to appreciate your great philosophical contributions lfc
it's not uncommon for those of great intellect to be misunderstood
it's not uncommon for those of great intellect to be misunderstood
Reminds me of a comedy sketch. Beautiful young girl goes up to boffin professor..... "We should get married professor. With my looks and your brains we'll have such amazing kids." Professor responds "What if they are born with my looks and your brains?"..... Girl does a runner.
wait till the interest rates start going thru the roof, you ain't seen nothin yet
story breaking in america
a women with a company worth 5 billion last year,now worthless
a women with a company worth 5 billion last year,now worthless
http://www.vanityfair.com/news/2016/06/elizabeth-holmes-net-worth
4.5 billion to zero
4.5 billion to zero
THE MORE interesting question would be how many people on average wages maybe aged 50 to 65 brought up in an era of you dont go into debt to fund a lifestlye,if they were to suddenly decide to live in todays era where you didnt worry about taking out loans,maxing out credit cards etc would consider themselves middle class or even higher class,if maxed out to the penny every month salaries between 30 and 40 grand can fund a lifestyle far greater than it should
lfc1971 • June 8, 2016 8:38 AM BST
I think that the state should pay, when every young man turns say 16, for a visit to an escort. They would be required to go whether they want to or notGrin
It would solve a lot of problems, these young women save lives.
They should do that for some of us OAPs as well, they could save mine
lfc1971 • June 8, 2016 9:00 AM BST
I remember in school reading about communist China, and how they all wore the same clothes like workers overalls. That i found appealed to me greatly.
It still does.
It has changed a bit since then
ebulGery • June 7, 2016 11:09 PM BST
until I decided I would like a relationship with those "fiends from hell" also known as "women"
I will withdraw that unreservedly, a tad misogynist
, even for me
I think that the state should pay, when every young man turns say 16, for a visit to an escort. They would be required to go whether they want to or notGrin
It would solve a lot of problems, these young women save lives.
They should do that for some of us OAPs as well, they could save mine
lfc1971 • June 8, 2016 9:00 AM BST
I remember in school reading about communist China, and how they all wore the same clothes like workers overalls. That i found appealed to me greatly.
It still does.
It has changed a bit since then
ebulGery • June 7, 2016 11:09 PM BST
until I decided I would like a relationship with those "fiends from hell" also known as "women"
I will withdraw that unreservedly, a tad misogynist
, even for me
x that lady claimed to have a revolutionary way of taking blood samples and duped shed loads of investors (several of them well known) but its all a load of bs. she should end up in the clink, time will tell if she does.
Middle class is more a behaviour /upbringing thing than a money thing .
You can be very poor and be middle class or pretend to be middle class (or working class,which a lot of middle class prefer to do these days ).
But you can't be working class and pretend to be middle class (for very long at least )
You can be very poor and be middle class or pretend to be middle class (or working class,which a lot of middle class prefer to do these days
).But you can't be working class and pretend to be middle class (for very long at least )
or pretend to be middle class *
give the impression of a middle class lifestyle that should read.
buying second hand quality goods for example ,shopping in Aldi but coming home with Waitrose bags that type of nonsense .
WHO DOES THAT ?
give the impression of a middle class lifestyle that should read.
buying second hand quality goods for example ,shopping in Aldi but coming home with Waitrose bags
that type of nonsense .WHO DOES THAT ?
I am card carrying middle class but people presume I'm working class. :(
No surprise to hear that lfc1971 lives on his own in a hovel.
But if he is happy that is the most important thing in life
We live in a consumerist society and are all put under tremendous pressure to buy things that are better or newer, because
that is how our economy functions. People have to keep buying things.
I regard lfc1971 as an eccentric, and a nice eccentric to boot.
So you really should not change if you don't want to lfc1971, there is really no obligation for you to do this
I'm classless.
I don't belong to any class and wouldn't want to.
I could be mistaken for any class including under but never upper.
I don't belong to any class and wouldn't want to.
I could be mistaken for any class including under but never upper.
Jun 8, 2016 -- 2:38AM, lfc1971 wrote:
I think that the state should pay, when every young man turns say 16, for a visit to an escort. They would be required to go whether they want to or notIt would solve a lot of problems, these young women save lives.
The definition of middle cass has changed a lot though. When I was at school, middle class was doctors, lawyers, execs in leafy suburbs, Volvo and escort in drive etc.
Now lfc, that's NOT what I meant and you know it! 
Frank Skinner, interviewing Tony Blair before he became Prime Minister:
Skinner: My rule of thumb is that if you grew up with a bucket in your bedroom, then you're working class.
Blair: (silence, with the face of a man who would never be able to work that one out if he lived to be a hundred)
As it happens, I had a bucket in the bedroom, a white plastic one that weathered to a relaxing pastel yellow shade as the years passed. But my mother insisted that class is irrelevant. The only thing that matters is whether you're common or not, and her criterion for that was simple: do you or do you not watch ITV?
Skinner: My rule of thumb is that if you grew up with a bucket in your bedroom, then you're working class.
Blair: (silence, with the face of a man who would never be able to work that one out if he lived to be a hundred)
As it happens, I had a bucket in the bedroom, a white plastic one that weathered to a relaxing pastel yellow shade as the years passed. But my mother insisted that class is irrelevant. The only thing that matters is whether you're common or not, and her criterion for that was simple: do you or do you not watch ITV?
I remember that interview well Screaming. It really struck me how out of touch Blair looked. I had always quite liked Blair, but at that moment when he sat there with the weirdest, blank look on his face and that fixed. rictus grin. I thought, naw, he ain't anywhere near being one of us. It was a strange moment. I'm sure Blair thought it was a good move. trying to look cool, "cool Brittania" and all that, but it didn't work for me at all. Still voted labour, of course, but never looked at Blair quite the same way again!
I am merely a man on the streets, in the forests and fields, in the pub and in my own room.
I have never been to a fancy resturant in my life, i`m afraid of them.
And as a man of sound mind i obviously avoid what frightens me.
I have never been to a fancy resturant in my life, i`m afraid of them.
And as a man of sound mind i obviously avoid what frightens me.
But then again i don`t much like the working class, they are not capable of logical thought.
I would not like to be introduced to someone middle class, i fear that i would annoy them.
What will they think of me? Whatever it is i can``t let that bother me.
everyone should respect the situation in which he finds himself, envy is a kind of insanity.
well bred behavior is not my style. I am extremely rude with practically no manners whatsoever.
lfc and the words 'logical thought' dont seem a natural fit
the great homer had nothing on you lfc (of course i mean homer simpson)
the great homer had nothing on you lfc (of course i mean homer simpson)
i,ve spent the last 10 yrs working with a bloke who,s now retired and although he,s had 3 foreign holidays a year teneriffe,benidorm,etc,he,s never easten pizza,spag bol etc and his fav meal was them frey bentos steak and kidney pies in a tin with tinned new potatoes ,peas you,ve got to love the old timers
I bought one of them pies once, thought it looked quite nice on the picture. Then I opened it and I was faced with something from Quatermass & the Pit 
HE THOUGHT you had 2 choices of bread brown or white never heard or tried of all the varities available
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