Majority of Middle Earners Class Themselves as ‘Poor’

Sept. 29, 2011 - PRLog -- A poll conducted by the UK’s leading discount and voucher code website, has found that the majority of middle earners in Britain don’t see themselves as financially sound; with many classing themselves as ‘poor’. The research also found that, on the contrary, the majority of low earners class themselves as ‘comfortable’ financially.

The poll was carried out by www.MyVoucherCodes.co.uk, as part of ongoing research into the financial situations and spending habits of Britons. 1,514 employed people from Britain subsequently took part in the study and respondents were required to share information about their earnings and their opinions towards the financial situation they were in.

Respondents to the study were initially asked to place themselves within salary brackets, defined as follows: £0 - 24 K (lower income), £25- 50K (middle income), £51 K + (higher income). Following this, the respondents were asked how they personally felt about their financial situation. Of those who put themselves into the ‘lower income’ salary bracket, more than three fifths, 61%, classed themselves as ‘financially comfortable’. Just less than 1 in 10, 9%, felt they were ‘well off’ financially, despite having a lower income.

Of the respondents who told MyVoucherCodes.co.uk that they had a ‘middle income’, the majority, 44%, classed themselves as ‘poor’ financially. A third, 34%, felt that they were ‘comfortable’ financially, whilst the remaining 22% said they were ‘well off’.

The same question was asked to those respondents who placed themselves in the high income salary bracket. 1% of these participants classed themselves as ‘poor’, whilst the majority, 72%, said they were ‘comfortable’ financially. The remaining 27% said they felt that they were ‘well off’ when it came to money.

Of all the respondents who said they thought of themselves as ‘poor’ financially, 55% said they’d ideally like to be on double their salary in order to then become ‘comfortable’.

Mark Pearson, chairman of MyVoucherCodes.co.uk, commented on the findings;

“I must say that I was shocked to see just how many people classed themselves as ‘poor’, particularly from the high and middle income brackets. It was interesting to see that many of those in the lower income salary bracket said they were financially comfortable, or even well off; quite humbling in fact.

“No matter what you earn, if you learn to live within your means you can still be comfortable financially. If people are sensible with their finances, then money problems can usually be minimalised.”

LINK http://www.MyVoucherCodes.co.uk

ENDS

For more information, contact Iona St Joseph of 10 Yetis Public Relations Agency on iona@10yetis.co.uk or 01452 348211.

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Editor’s Notes

Mark Pearson, chairman of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 30, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.

Mark appeared as a ‘Secret Millionaire’ in the series on Channel 4, in which he donated £115,000 of his own money to worthy causes.

MyVoucherCodes has had sales exceeding £481m in the last year

Consumer savings on online shopping via MyVoucherCodes.co.uk up from £28m in 2008 to £52m in 2009.

MyVoucherCodes is the UK’s most popular discount site.