Today's headlines are depressing. The Guardian has "The big squeeze: warning over incomes as Britain goes on strike"; The Telegraph has "It's official: Credit crunch is back"; and The Independent "The rich get richer and the poor get poorer".

The figures come from the Institute for Fiscal Studies analysis of the chancellors autumn statement this week. It shows that real household disposible income will fall in real terms between 2009 and 2012 by 4.7% - easily the largest fall over a three-year period since records began in 1955. The previous largest fall was 1.9% between 1974 and 1977 giving rise to the inevitable headline: "Worse than the 1970s".

But what does that mean for our household spending? What will it mean for you?

I've been talking to the IFS researchers to try and dig down into the data to see how incomes will by the end of this period in 2015.

What do you think? How are these warnings changing your planning for the short and long term future. What other factors are relevant – the introduction of tuition fees, changing mortgage rates, job insecurity? Are you re-training, paying off your debts or cancelling Christmas? Have any of the pension reforms changed your plans for retirement? We're interested in hearing from anyone who feels their futures and plans are changing with the economic climate.

Get in touch below the line, email me at polly.curtis@guardian.co.uk or tweet @pollycurtis.

Analysis

This following table has been provided by the IFS and projects how the 4.7% reduction in real household income from 2009 (the last year we have confirmed figures for) and 2015 will affect different households.

The following table, also from the IFS, shows who is hit the hardest by the immediate impact of the government reforms in 2012-13. The table below shows the average incomes in each decile group referred to in the graph.

Income decile group Average annual income

1 £10,502.10

2 £15,661.60

3 £18,215.90

4 £20,736.50

5 £24,337.19

6 £27,153.56

7 £30,927.29

8 £36,773.01

9 £45,362.15

10 £76,102.57



All £30,575.52

Robert Joyce, the IFS researcher who has been crunching these figures, told me that overall across low and middle income groups (higher earners aren't included as the survey data is less reliable) the fall in living standards will be fairly consistent up until 2014, but for very different reasons. He said:

People in different parts of the income distribution are suffering for different reasons. Earned income, which is very important to those around the middle, is growing less quickly than prices. Meanwhile those lower down the distribution tend to get more of their income from the state, and so they are feeling the effects of numerous welfare cuts. But from 2013, earnings are expected to once again grow as quickly as prices, whilst welfare cuts will continue, so we would then expect those lower down the distribution to fall further behind those higher up.



These figures include things such as housing costs. But there is huge uncertainty there particularly in relation to the question of mortgage interest, which is at an historic low but could change any time. It also doesn't include certain policies such as tuition fees, which are hugely important to younger people (and mature students) considering a degree. What are you most worried about and how is it changing your plans?

Get in touch below the line, email me at polly.curtis@guardian.co.uk or tweet @pollycurtis.

Hilary Osborne, editor of the Guardian's money website, has written a little about mortgage costs and what could possibly happen in the near future. She writes: