‘Vast’ divide between most and least financially resilient areas in the UK – full list (Image: Getty)
Households in Wokingham, Elmbridge, and St Albans have the most financial resilience, a new study shows.
Hull, Nottingham and Liverpool were placed at the other end of the spectrum ranking the least, according to Hargreaves Lansdown’s savings and resilience barometer.
Sarah Coles, head of personal finance, Hargreaves Lansdown said: “There’s a vast gulf between the capitals of resilience and the tougher areas where money is stretched and the future looks much harder.
“Among the top 10 most resilient local authorities, 79% of households have enough cash left at the end of the month to be resilient, compared to 54% among the bottom 10.”
Housing affordability is a key factor in financial resilience, as areas with high housing costs often prevent people from purchasing properties and building long-term stability, according to the report.
Hull was ranked lowest for financial resilience (Image: Getty)
The research broke down aspects of household finances to a local level, using data such as the Wealth and Assets Survey covering Britain and the Financial Conduct Authority’s Financial Lives Survey.
Economic modelling by Oxford Economics was used in the study, which covers several aspects of financial resilience among households, such as savings levels, being on track for retirement and debts.
Researchers found that Wokingham in Berkshire and Elmbridge in Surrey ranked highest for both income levels and homeownership, contributing to strong financial resilience in these areas.
St Albans in Hertfordshire followed closely in third place, thanks to its high average earnings, enabling residents to plan financially for the future, along with a notable proportion of investors.
In contrast, Hull was ranked lowest for financial resilience, with households reporting limited disposable income at the end of the month and struggling in areas such as emergency savings and pension provisions.
No Welsh locations made the top 50 for overall financial resilience (Image: Getty)
In northern England, the Ribble Valley topped the region for financial resilience, ranking 39th overall. The rural area, known for its picturesque villages and gastropubs, scored well on savings, pensions, and homeownership.
It was followed by South Lakeland (43rd overall), which performed strongly in savings and pensions, and Harrogate (46th), where high incomes contributed to its positive score.
In the Midlands, Bromsgrove was identified as the resilience leader, ranking 28th overall due to strong performance in savings, pensions, and homeownership. It was closely followed by Stratford-upon-Avon (29th), with other notable performers including Rushcliffe (33rd) and Harborough (34th), while Warwick placed 44th.
In Scotland, East Dunbartonshire ranked 24th overall, with its relatively affordable housing contributing to strong homeownership rates. It was followed by East Renfrewshire (26th) and Aberdeenshire (27th).
No Welsh locations made the top 50 for overall financial resilience, though Monmouthshire ranked 25th for emergency savings, and the Vale of Glamorgan placed 49th for the same measure.
The South West of England did not have any areas in the top or bottom 50 overall, but local authorities such as West Devon and Cotswold performed well for savings levels, while the region also fared better than others in terms of non-mortgage debt.
Burnley, Lancashire – famously depicted in the Netflix series Bank of Dave – ranked 14th in the list of areas with the least financial resilience, highlighting struggles with financial access and affordability.
When looking specifically at emergency savings, Richmond-upon-Thames in London ranked highest, followed by the City of London. On the opposite end, Glasgow City and West Dunbartonshire were identified as having the least sufficient emergency funds.
Finally, Elmbridge and Mole Valley in the South East of England were noted for having the highest proportions of households investing, while East Ayrshire and North Lanarkshire in Scotland had the lowest.
Commenting on findings, Alfie Stirling, the Joseph Rowntree Foundation’s director for insight and policy, said: ”This important work echoes previous findings from JRF that showed inequalities in financial resilience remain eye-wateringly high and are set to grow further over this parliament.”
He added: “Low financial resilience is both a moral and an economic blight on the UK. It makes it more likely that children will be growing up in hardship and poverty, while also undermining wider economic growth.”
Here are the top 20 areas for overall resilience, according to the study:
- Wokingham, South East
- Elmbridge, South East
- St Albans, East of England
- Hart, South East of England
- Epsom And Ewell, South East
- Waverley, South East
- South Oxfordshire, South East
- Mole Valley, South East
- Surrey Heath, South East
- 10. South Cambridgeshire, East of England
- 11. Tandridge, South East
- 12. Guildford, South East
- 13. Windsor and Maidenhead, South East
- 14. Horsham, South East
- 15. East Hampshire, South East
- 16. Winchester, South East
- 17. Wealden, South East
- 18. Sevenoaks, South East
- 19. Fareham, South East
- 20. Three Rivers, East of England
Here are the bottom 20 areas for overall resilience, according to the study:
- Kingston upon Hull, Yorkshire and the Humber
- Nottingham, East Midlands
- Liverpool, North West
- Blaenau Gwent, Wales
- Glasgow City, Scotland
- Blackpool, North West
- Knowsley, North West
- Stoke-on-Trent, West Midlands
- Tower Hamlets, London
- Leicester, East Midlands
- Hackney, London
- West Dunbartonshire, Scotland
- Sandwell, West Midlands
- Burnley, North West
- Manchester, North West
- Newham, London
- Merthyr Tydfil, Wales
- Dundee City, Scotland
- Barking and Dagenham, London
- Wolverhampton, West Midlands.
