Lay perceptions and experiences of social location have been commonly framed with reference to social class. However, complex responses to, and ambivalence over, class categories have raised interesting analytic questions relating to how sociological concepts are operationalized in empirical research. For example, prior researchers have argued that processes of class dis‐identification signify moral unease with the nature of classed inequalities, yet dis‐identification may also in part reflect a poor fit between ‘social class’ as a category and the ways in which people accord meaning to, and evaluate, their related experiences of socio‐economic inequality. Differently framed questions about social comparison, aligned more closely with people's own terms of reference, offer an interesting alternative avenue for exploring subjective experiences of inequality. This paper explores some of these questions through an analysis of new empirical data, generated in the context of recession. In the analysis reported here, class identification was common. Nevertheless, whether or not people self identified in class terms, class relevant issues were perceived and described in highly diverse ways, and lay views on class revealed it to be a very aggregated as well as multifaceted construct. It is argued that it enables a particular, not general, perspective on social comparison. The paper therefore goes on to examine how study participants compared themselves with familiar others, identified by themselves. The evidence illuminates social positioning in terms of constraint, agency and (for some) movement, and offers insight into very diverse experiences of inequality, through the comparisons that people made. Their comparisons are situated, and pragmatic, accounts of the material contexts in which people live their lives. Linked evaluations are circumscribed and strongly tied to these proximate material contexts.The paper draws out implications for theorizing lay perspectives on class, and subjective experiences of inequality.