UK's most and least financially resilient areas are revealed - see the full list
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New research highlighting the UK's financial resilience has placed Wokingham, Elmbridge and St Albans at the top of the list. In contrast, Hull, Nottingham, and Liverpool were identified as the least resilient in findings from Hargreaves Lansdown’s savings and resilience barometer.
The study looks at various aspects of household finances on a local scale, utilising data like the Wealth and Assets Survey, which spans Britain, and insights from the Financial Conduct Authority’s Financial Lives Survey. Oxford Economics provided economic modelling for the research, assessing various elements of household financial resilience, including savings, retirement preparedness, and indebtedness.
According to the report, while income is a facet of financial resilience, housing affordability plays a significant role too, as areas lacking affordable homes hinder residents from purchasing property and thus enhancing their financial security. Sarah Coles, head of personal finance at Hargreaves Lansdown, pointed out: "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.". Wokingham and Elmbridge, she mentioned, are favoured by high income levels and homeownership rates. St Albans in Hertfordshire has been ranked third due to factors such as high average earnings, which leaves room for long-term planning, and a relatively high number of investors residing there.
