UK’s most financially confident cities revealed – and London doesn’t even make the top two

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

Residents of the Scottish capital feel the most capable in areas such as saving, investing, retirement planning, as well as money management overall, closely followed by academic hub, Cambridge.

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Edinburgh, Calton Hill just after sunset[/caption]

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Cambridge, Aerial view of river Cam[/caption]

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London City, view of the River Thames at sunset[/caption]

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

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

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

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

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

Interestingly, the research also showed the most significant contributing factor to higher levels of financial confidence appears to be time spent learning about money matters.

Brian Byrnes, head of personal finance at the saving and investing app, said: “When it comes to making the most of your money, building financial confidence can be a real game changer to ensure you are 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 simply spending time getting to grips with personal finance topics.

“This simple step, which we can all choose to take, can have a notable positive impact on so 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 achieve an important financial goal – time spent on your finances is critical in boosting your financial confidence and therefore your financial position over time.”

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

Four in 10 spend a little time improving their knowledge on personal finance matters.

And concerningly, just three in 10 consistently make and follow a budget.

Among all those surveyed, only 14% had ever paid for professional financial advice.

When it comes to saving, Cambridge and Brighton & Hove stood out as the most confident, while Belfast and Liverpool struggled most in this category.

Despite ranking 16th on the financial confidence index, Belfast matched London having the greatest number of residents that feel confident investing (43%).

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

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

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

Brian Byrnes for Moneybox added: “Financial education, both in school and throughout adulthood, has been severely lacking in the UK, which has meant that 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 a lot in recent years and providers have a host 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.

“However, without a doubt, more needs to be done, by the 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.”

www.oathstudio.com

The most financially confident cities revealed – London doesn’t even make the top two[/caption]

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Norwich, the famous market, with Norwich Castle behind[/caption]

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Brighton sea front, Sussex[/caption]

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Edinburgh, Princes Street Gardens[/caption]