Asking bankers how to cope with the cost of living crisis

We went to Canary Wharf to ask people whose rent is more than our salary how to cope with the cost of living crisis.

Reporter: Ed Campbell
Camera: April Curtin

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[NotAnIlluminatiSpy]

No man, they've got a point. As soon as I gave up my netflix sub, my minimum wage job started paying 3x the amount.

[writerinprogress]

Can we all just have a moment's silence for that heroic woman on a pittance of just £80k a year, who had to rely on her mother to pay 60% of her deposit on her flat for her - and yet made the monumental sacrifice of *cancelling her gin box* to battle her own, personal cost of living crisis? Now THAT's 'taking one for the team!' (Not sure *which* team -- the likes of me would probably never even get an autograph from them, but hey...)

[microsoftword]

Honestly never crossed my mind to cancel the gin box, will do that now thanks

[TheWtfnonamez]

I once got a lecture about finance from a friend of mine who owned two houses and seemed very organised.
The I found out that his parents had bought him his first house, given him half the money for his second, and then given him a plot of premium land so he could do his first four-plot property development project.
Rich people are full of great advice that makes sense when your loaded with cash. The reality is sadly that the best bit of financial advise is "be rich". You can pretty much solve any problem if you are rich. The rest of us have to sit in the cold and eat less.

[storegga]

Big props to the guys calling out "short sighted " advice from others about cancelling subscriptions etc.

[Maey]

I've been able to afford a deposite on a flat in London only because I've been working for a couple of and my mum paid 60% of it for made me laugh... she's got future front bencher written all over her....

[Rhyd]

“My mum has paid 60% of my deposit” says the person who’s been working a couple of years in finance. Guess she didn’t cancel her Netflix subscription in time.

[dlear]

That 2.50 a week for Netflix is the reason I have no savings and all my money goes on rent. How silly of me.

[gearoftones]

When you have almost nothing left every week to have any sort of meaningful fun or past times, being told that your Netflix subscription is the source of all your problems, when it's the only bloody "luxury" you have, is a massive slap in the face.

[FuZZbaLLbee]

For people who work in finance, implying that cancelling Netflix or Sky would offset your increased cost of living, is kind of worrying 😋

[slowmarchingband]

As a self-employed gardener I made £24K last accounts year. My profit will be about £16K. It's precarious to say the least, BUT..I did have avocado on toast for breakfast yesterday, so it's my fault if I go under.

[TheMikeunderhill]

beginning to understand why the French revolution was so bloody

[kirishima]

A Netflix sub is what, £100 a year? These people pay more than that for one meal out.

[michaeltaylor]

The guy in the white shirt talking about not giving up your £9 Netflix subscription is absolute spot on, wont make a bit of difference to my increase in fuel/ transport to work/ energy/ food shopping. Its all Governmental and with either Tories or Labour its not going to change. It now just a race to the bottom 😔

[adrianmargean]

I was in a job earning 40k before tax and my girlfriend was earning 32k before tax, which took us up to a whopping 72k a year. I thought we were doing ok considering we are both immigrants, until we tried applying for a mortgage to buy a house and everyone treated us like we were dirt poor. It was eye-opening for me.

[drfrappuccino]

Only the younger people seemed to understand that the rhetoric of "cancel your Netflix" is complete and utter bullshit that has totally negligible effects.

[JoshMathewsofficial]

I do love the whole idea that ‘hey you’re poor, give up everything in life other than work’ god guys come on it’s not that hard… the way you make a country better is by making the poorest people better off.

[david]

Guy on the left: "I pay £2400 a month to rent a 1 bedroom flat"
Girl on the right: "Yeah cancel Netflix"

[michaelwiebeck]

Recessions are an unavoidable part of the economic cycle; all you can do is prepare for them and plan accordingly. I graduated into a slump (2009). My first job after graduating from college was as an aerial acrobat on cruise ships. Today, I own three rental properties, invest in stocks and businesses, run my own company, and have increased my net worth by $800k in the last four years.

[gpo]

Realistically, the bankers and financiers who work in the wharf and the city are on really good money . I worked for a banker and his wife his wife had no clue what the cost of items were, she just paid for things on her card . Their house was over £4M in a gated private area in Surrey, spent more on a garden than I paid for my house ...they paid for their mansion, outright no loans or mortgages . She bought a piece of furniture for over £1000, as soon as it arrived she had me unbox it and decided in seconds she didnt like it and told me to put it out for the bin men to collect .They truely do not have a clue how normal working class people live .