Poor and proud: keeping up with the Jones’ a battle of austerity

Brits still love to keep up with the Jones', but instead of competing over having the biggest and best belongings, they're now more likely to talk about bagging the biggest and best bargains, according to new research from uSwitch.com, the independent price comparison and switching service.

Recession-chic and austerity measures have taken over from extravagance, with people now more likely to boast about what they don't have rather than what they do, whether discussing their salary, savings or expensive purchases.

In fact, when it comes to being seen as a ‘have' or a ‘have not' the majority of Brits are firmly in favour of the latter. While a third (33%) would brag about how much they earn, 67% are more likely to boast about how little they earn instead. And while two in ten (21%) prefer to talk about how expensive their belongings are, the majority (79%) are more likely to show pride in how cheap their possessions are.

Brits no longer subscribe to the mantra of ‘spend, spend, spend' - instead they want to be seen as the cutback king or queen. They don't want friends or family to think that they are escaping the recession lightly - frugality is the order of the day. As a result, nine in ten (88%) think it's cool to talk about how they've cut back, while just one in ten (13%) are more likely to talk about how they haven't had to. 

And in the bid to win the austerity title, an overwhelming 96% of people are more likely to take pride in telling others of the great bargain they've bagged, while just 4% would be more likely to boast about spending a fortune. This same approach applies to savings, with proud to be poor Brits more likely to talk about how little they have in savings (72%) rather than how much (28%).

However, when it comes to what we can and cannot afford, Brits are split almost down the middle. While 48% say they are more likely to talk about what they can afford, 52% would prefer to talk about what they cannot afford, suggesting that austerity chic wins (by a margin) once again.

Ann Robinson, Director of Consumer Policy at uSwitch.com, says: "In the face of economic adversity, keeping up with the Jones' no longer means competing to have the most lavish lifestyle - it's now about being seen to be poor and proud. While bragging about money or expensive purchases is frowned upon, boasting about nabbing a great bargain or talking about how little you earn is in keeping with the times.

"We are wearing our frugality like a badge of honour and take great pleasure in telling others about what we don't have rather than what we do. Part of this is about being seen to fit in - we don't want others to think that we're getting off lightly. Instead we're competing to make the biggest changes and cutbacks to our lifestyle - or at least that's what we're telling everybody else.

"The good news is that there are no longer any prizes for being seen to enjoy a lavish lifestyle and that takes a lot of pressure off consumers. It means that we can pare back our lifestyle and make changes that will help our finances and alleviate debt. As a nation of have-nots, we are free to look for and to tell others about the newest way to save money. Shopping around is key and by taking a second look at the essentials, from your current account to your mobile phone and your home insurance to gas and electricity, you could save almost £1,000 a year. This would be a great boost to your finances ahead of Christmas, while also being a great saving to brag about."