The 3 worst performing places in Scotland for financial resilience that make the UK's bottom 20 list
Three of the top 20 worst-performing locations for household financial resilience across the UK are in Scotland, analysis has revealed.
Glasgow has been ranked as the worst in Scotland and the fifth worst location in the UK for overall resilience, according to the research.
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The research breaks 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.
West Dunbartonshire - ranked 12th bottom overall - and Dundee City (18th) also made the list of the lowest 20 areas for overall resilience.
Hull, Nottingham and Liverpool were at the bottom of the rankings, published in Hargreaves Lansdown’s savings and resilience barometer.
At the other end of the spectrum, Wokingham, Elmbridge and St Albans came out at the top.
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Hide AdEast Dunbartonshire (placed 24th overall) was identified as having the highest overall resilience in Scotland. Relatively affordable housing there means home ownership levels are relatively strong, the report said.
It was followed by East Renfrewshire (in 26th place overall) and Aberdeenshire (at number 27 overall).
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.
While incomes form part of financial resilience, housing affordability is also an issue, because areas with a lack of affordability mean fewer people are able to buy a home and build their resilience this way, the report said.
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Hide AdSarah Coles, head of personal finance for 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 ten most resilient local authorities, 79 per cent of households have enough cash left at the end of the month to be resilient, compared to 54 per cent among the bottom ten.”
Glasgow City, followed by West Dunbartonshire in Scotland, were ranked bottom for having sufficient emergency cash.
Wokingham in Berkshire and Elmbridge in Surrey benefit from high scores for incomes and homeownership levels, researchers said.
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Hide AdSt Albans in Hertfordshire was placed third because of factors such as its high average earnings, leaving money available for long-term planning, and a relatively high proportion of investors living there.
Meanwhile Hull was ranked at the bottom as households had relatively low levels of money left over at the end of each month and also fared relatively poorly in terms of having emergency savings and pension savings.
Looking just at northern England specifically, the Ribble Valley was placed top for financial resilience, coming 39th overall. The largely rural area, known for its picturesque villages and gastropubs, scored particularly well for savings, pensions and home ownership.
It was followed by South Lakeland (43rd overall), which also scored well for savings and pensions, and Harrogate (in 46th place), which performed favourably for incomes.
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Hide AdBromsgrove is the resilience capital of the Midlands (ranked 28th overall), performing well for savings, pensions and home ownership. It was followed by Stratford-upon-Avon (29). Meanwhile Rushcliffe made number 33, Harborough 34 with Warwick placed at 44.
No locations in Wales made the top 50 for overall financial resilience, but Monmouthshire was in 25th place for how close people are to having enough emergency savings and the Vale of Glamorgan ranked 49th on this measure.
The South West of England did not have any boroughs in the top – or bottom – 50 overall for financial resilience, but researchers said the local authority areas of West Devon and Cotswold performed well for savings levels. The region also performed relatively well for non-mortgage debt levels.
The top 20 areas for overall resilience
1. Wokingham, South East
2. Elmbridge, South East
3. St Albans, East of England
4. Hart, South East of England
5. Epsom And Ewell, South East
6. Waverley, South East
7. South Oxfordshire, South East
8. Mole Valley, South East
9. 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
The bottom 20 areas for overall resilience
1. Kingston upon Hull, Yorkshire and the Humber
2. Nottingham, East Midlands
3. Liverpool, North West
4. Blaenau Gwent, Wales
5. Glasgow City, Scotland
6. Blackpool, North West
7. Knowsley, North West
8. Stoke-on-Trent, West Midlands
9. Tower Hamlets, London
10. Leicester, East Midlands
11. Hackney, London
12. West Dunbartonshire, Scotland
13. Sandwell, West Midlands
14. Burnley, North West
15. Manchester, North West
16. Newham, London
17. Merthyr Tydfil, Wales
18. Dundee City, Scotland
19. Barking and Dagenham, London
20. Wolverhampton, West Midlands
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