Whose economy is it anyway?
As inflation rises and the squeeze on quality of life is felt across the UK, some are taking a step back to address the bigger questions. Who should the economy work for? And what roles can we all play – not just as workers or consumers, but as citizens?
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Last month, as we set about researching for the upcoming Resident Voice Index™ report on the cost of living crisis, we were lucky enough to attend yet another brilliant event at the Resolution Foundation – ‘Whose Economy?’. The session marked the publication of their latest piece of research, ‘Listen Up’, which looks beyond the impacts of the current cost of living crisis to such longstanding issues as wage stagnation and high inequality that have stalled the UK’s economy for many years. Not stopping there, the research also assesses the types of approaches that might be go some way to addressing these issues for the long term.
As part of a broader project called ‘Economy 2030’, ‘Listen Up’ undertook in-depth interviews with 16 participants – a process not usually used by economics think tanks but an incredibly valuable one in this instance, when trying to get an understanding of people’s lived experience.
What the Resolution Foundation learnt was that people view themselves as fulfilling many roles in society that cannot be defined only by the paid work they do and what they buy. As Lindsay Judge, Head of Research at Resolution Foundation puts it: “Value and meaning comes from all different parts of life.” There is great pride taken in the roles we do outside of work that contribute to society and to the greater good – from raising children to helping our friends and neighbours.
Making sense of the lived experience of the economy
Source: Resolution Foundation 2022
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Those who were interviewed for the project spanned high to low incomes and across the board, they impressed upon the interviewers the importance of fair and decent pay. But it’s not all about money; working conditions matter. People value work that can fit around other elements of their lives and they will generally trade off pay for better and more flexible conditions.
Beyond our identities as workers, the report outlines that people are hugely concerned about the social fabric around them. Wanting to spend locally, tip effectively and take pride themselves in the unpaid work and emotional labour that they undertake in the community. However, people also find taking up the gauntlet of making ethical decisions surrounding community and green consumption daunting and exhausting. Preferable to this, would be more stringent regulation to greaten collective responsibility and improve working conditions.
“Value and meaning comes from all different parts of life.”
– Lindsay Judge, Resolution Foundation
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In the context of our work on the Resident Voice Index™, the questions that have been answered by 5,200 UK social housing residents about the current cost of living crisis put aside these more nuanced balances between finance, flexibility and ethical consumption. It is inescapable that right now people are really struggling, with an estimated 1 in 5 UK workers currently experiencing in-work poverty. The evidence is indicating that work doesn’t pay.
Like in the ‘Listen Up’ report, those who answered the Resident Voice Index™ Cost of Living survey animatedly expressed that ‘life ain’t just about paying bills.’ There is a risk to the social fabric and future success of the UK. With circumstances as they are, civic activity, the ability to shape our lives beyond work and the capacity to make ethical decisions on consumption are in danger of shrinking. If that is allowed to happen, we will all be the poorer for it.
Chat to us about our work on the Resident Voice Index™ project and community-centric communications here.
Find out more about the work of the Resolution Foundation.
