You are here: Home - Uncategorized -

Working Class Britain

0
Written by:
10/05/2006

The number of Britons claiming they are middle class has increased by 44% in the last 40 years, but more than half the people in the UK still believe they are working class, new research has found.

The research from Liverpool Victoria, based on a survey of 1,000 people, found that 53% of people still thought they were working class, even after a 14% rise in the number of people regarding themselves as middle class since 1966.

However, many people were confused as to what class they were, the report stated. It found that 2.67 million people claimed they were working class, despite the fact that they were amongst the top 20% of British earners.

The confusion over the class divide also deepened, as the report found 36% of builders thought they were middle class, while some 29% of bank managers believed they were working class.

The report’s authors suggested these findings meant that the traditional factors for defining class had now changed.

While family background, education and profession were still important, it claimed that peoples’ savings, investments, and property holdings were increasingly influential in defining class.

The report said a middle class person generally now had twice the savings and three times the investments as someone who was working class, as they took a longer term approach to saving than the working classes, who were content to “live for the moment”.

Additionally, a middle class person earned an average of £25,485, some £4932 more than the average working class person.

Middle class people also had more valuable homes, worth on average 70% more than the working class equivalent, and a middle class person was also 10% more likely to own their house outright – with no mortgage commitments.

Yet education was still a key factor in the class debate, as four times as many middle class people held degrees than working class people, showing that they were more likely to have remained in education longer.

Liverpool Victoria’s head of corporate communications, Nigel Snell, said: “The wealth gap between the classes is significant and may be compounded by the shorter-term attitude to saving and slightly higher debt burden of the working classes. Saving regularly for the future is something that we should all be doing more of and we would encourage everyone to try to put something by, if only a little and often, to help build up a nest egg for the future.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Savers should service debt first

More than 12.2 million Brits are losing out by refusing to redirect savings to service debt, new research has found.The...

Close