I do sometimes think the 'walk a mile in my shoes' analogy is at least partly valid in scenarios like this. If you're born and brought up in a middle/upper class household or beyond, through no fault of your own, you can never really know what it's like to live on a limited income, having to budget every £1 etc. Similarly, those lower down the economic ladder can never know what it's like to be very comfortably off with all the material and societal trappings that can bring.
I'm not using a broad brush on this, of course 'rich' people are capable of running the country including the financials and can no doubt empathise with the financial struggles of the masses. However they'll very likely never experience it first hand, otherwise in some areas their approach in terms of policy and strategy would maybe be different.
And it's nothing short of insulting when e.g. they announce something in the budget and say 'this will mean an average of £120 more in everyone's pocket next year!' wow that's great, thanks very much!