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The UK’s most financially confident cities revealed

The UK’s most financially confident cities revealed

EDINBURGH and Cambridge have been named as the most financially confident cities in the UK, with London in third place, according to a study.

Residents of the Scottish capital feel most empowered in areas such as saving, investing, retirement planning and general financial management, closely followed by the academic hub, Cambridge.

Edinburgh, Calton Hill just after sunsetCredit: Getty
Cambridge, Aerial view of the River CamCredit: Getty
City of London, seen from the River Thames at sunsetCredit: Getty

Despite being home to the UK’s most confident investors (43%), London ranks third for overall financial confidence, with Brighton & Hove and Norwich completing the top five.

Not far behind, residents of Southampton, Sheffield, Bristol, Leeds and Leicester demonstrate high levels of financial confidence.

Liverpool was found to be the least financially confident city in the UK, ranking just below Belfast, Newcastle, Glasgow and Plymouth.

Commissioned by Moneybox, the study of 4,000 UK adults found that, regardless of income, those who consider themselves financially confident have almost twice the net worth of those with low levels of financial confidence.

On average, these financially savvy individuals have amassed a net worth of £145,000 (excluding property) – encompassing savings, investments and pension contributions – compared with just £78,000 among their less financially confident peers.

Interestingly, the research also showed that the biggest contributor to higher levels of financial confidence appears to be time spent learning about financial matters.

Brian Byrnes, head of personal finance at the savings and investment app, said: “When it comes to making the most of your money, building financial confidence can be a real game-changer in ensuring you’re equipped to make the most of all your financial opportunities in life.

“Our research has shown that one of the most important things a person can do to improve their financial situation is to simply take the time to understand personal finance topics.

“This simple step, which we can all choose to take, can have a remarkable positive impact on many aspects of our financial lives.

“Whether you spend 30 minutes a week reviewing your budget, researching the best financial products for your needs, or making a plan to help you reach a major financial goal, time spent on your finances is essential to building your financial confidence and therefore your financial standing over time.”

The study, conducted by OnePoll, also found that in the UK just 20% of Brits regularly spend time learning about personal finance topics.

Four in ten spend some time improving their knowledge of personal financial matters.

And the most worrying thing is that only three in ten people make and follow a budget consistently.

Among all respondents, only 14% have ever paid for professional financial advice.

When it comes to defending, Cambridge and Brighton & Hove emerged as the most confident, while Belfast and Liverpool struggled more in that category.

Despite ranking 16th in the financial confidence index, Belfast is tied with London in having the highest number of residents who feel confident about investing (43%).

By comparison, in Glasgow and Newcastle, only a quarter of the population thinks the same way.

Manchester residents are the most confident in their ability to plan for a comfortable retirement: 57% of the population, closely followed by Birmingham, Leeds and Edinburgh.

Liverpool (42%) Southampton (44%) and Plymouth (44%) are the least confident in their retirement preparations.

Brian Byrnes, from Moneybox, added: “Financial education, both at school and in adult life, has been sorely lacking in the UK, meaning many are left to figure out how to manage their money and plan for the future through trial and error.

“The financial services industry has evolved greatly in recent years and providers have a wealth of information and tools available to help guide and support people as they learn how to achieve their financial goals and build wealth for the future. future.

“However, undoubtedly more needs to be done, by government, regulators and the industry as a whole, to close the advice gap and help boost the nation’s financial confidence and long-term financial resilience.”

Cities with the highest and lowest financial confidence

1. Edinburgh
2. Cambridge
3. London
4. Brighton and Hove
5. Norwich
6. Southampton
7. Sheffield
8. Bristol
9. Leeds
10. Leicester
11. Manchester
12. Birmingham
13. Plymouth
14. Glasgow
15. Newcastle
16. Belfast
17. Liverpool

The most financially confident cities revealed – London doesn’t even make the top twoCredit: www.oathstudio.com
Norwich, the famous market, with Norwich Castle behindCredit: Getty
Brighton seafront, SussexCredit: Getty
Edinburgh, Princes Street GardensCredit: Getty