The second and arguably more important component is that conservatives strongly believe in social hierarchies (even if they are themselves near the bottom). So it doesn't actually matter if their lives get worse, as long as the lives of people below them (i.e. minorities) are even more miserable. In addition, they believe the rich should stay rich and maintain or increase their power, because they naturally deserve it (this would have been the monarchy and the landed gentry/nobility etc in the past).