New research has revealed that London ranks as the UK area where the second lowest percentage of the population feel financially comfortable.
The study by money transfer experts RationalFX found that the number of people in London who described themselves as either “very comfortable financially” or “relatively comfortable financially” stands at 36% – considerably lower than the UK average of 49%.
The analysis of the results for May 2021 from YouGov’s monthly financial comfort tracker also revealed that the number of people in London rating themselves as financially comfortable has fallen two percentage points since the start of the pandemic in March 2020, when the figure was 38%.
That puts London in stark contrast to the rest of the UK, where the number of people who are financially comfortable has gone from 42% as the coronavirus pandemic took hold in March 2020, up to 49% in May 2021.
In addition, the most recent data for May 2021 shows that people struggling to make ends meet or having to go without essentials in London is at 19% – a lot higher than the UK average of 12%.
The South (excluding London) ranked as the most financially comfortable area of the UK, with 57% describing themselves as either very or relatively comfortable.
Meanwhile London was behind only Wales (31%) as the area of Britain where the fewest people feel financially secure.
In the North, 52% of people say they are financially comfortable, the second highest in the UK, ahead of Scotland (49%), and the Midlands with 43%.
Those over 65 are the most financially comfortable group, with 59% either relatively or very comfortable. In the 18-24 and 50-64 age brackets there are 54% in each who have few money worries, while the least comfortable age range is those aged 25-40, of whom just 40% describe themselves as comfortable.
The research was carried out by RationalFX which is one of Europe’s leading international payment providers, helping businesses and individuals to streamline their bank-to-bank transfers with smart global payment solutions.