Austerity is a policy that has had considerable and profound consequences for everyday citizens. Despite being implemented by governments across the world as a response to the global financial crisis of 2008, the economic justifications for spending cuts and fiscal restraint are complex and contentious. This research looks at how individuals in the UK have made sense of this issue and its impact on their daily lives. Based on interviews with 43 members of the public, I find that understandings of austerity are highly reminiscent of the simplified explanations provided by its proponents. Only the most politically engaged individuals acknowledged the complexity of the concept and were able to provide more detailed explanations. However, when asked who was responsible for austerity, responses were considerably more varied and detailed. This indicates that the public may selectively invest resources in understanding political issues, as detailed knowledge of the concept of austerity itself may not hold specific rewards. Yet identifying who is accountable for policies may have more material consequences, such as to inform future voting decisions.