Prime Minister Theresa May has, since taking office last year, spoken about helping those people in the UK who are ‘just about managing’. This term – shortened, to the apparent annoyance of the PM, to JAMs – captures the fact that quite a lot of the country feels that, when it comes to money, they are indeed ‘just about managing’.
One study found that two thirds of UK households see themselves to be just about managing, including half of those households earning more than £70,000.
That’s despite the fact that working parents with two children who earn £70,000 are, in fact, better off than 88 per cent of the population.
That reflects the fact that few of us ever really feel ‘well off’. If and when we’re able to earn more money we scale up our spending to match and embrace the opportunity it provides to be able to access things such as personal loans at favourable rates.
Perhaps another reason why we feel like we’re ‘just about managing’ is because life has a habit of always throwing up new challenges that test our finances.
This infographic charts some of the key landmarks throughout your life that need to be considered and met if you are to manage your money…