UK’s most jealous city named – envious of anyone richer than them | Personal Finance | Finance
Finances can be stressful (Image: Getty)
A city has won the unwanted title of being “the UK’s most financially resentful” – as nearly half its residents are green with envy of other Britons’ wealth. The study found we spend 53 minutes-a-week stewing about other’s bank balances and we’re most fiscally fed up with our friends (53%), those on social media (35%), work colleagues (23%) and even our parents (18%).
But while people in Norwich are the happiest with their lot – those in the East Midlands city of Leicester are the least content, with 44% simmering with discontent at others’ fortunes. Leicester was closely followed by Brighton and Cardiff (both 43%), with Liverpool (42%) and the capital city London (40%) completing the top five angry cities.
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Nearly half of Gen Z (49%) were economically disgruntled just ahead of millennials (48%). Next up were Gen X (aged 46-61) at 40%, followed by Baby Boomers (aged 62-80) at 22%.
According to the poll of 2,000 Brits, conducted by all-in-one banking app thinkmoney, those earning between £50-75k (44%), aka the squeezed middle, are the most economically resentful – and those earning £100k plus are the least (34%).
Consumer expert at thinkmoney, Vix Leyton said: “Comparison has always been the thief of joy, and social media has given it a billboard.
“It has never been easier to see who has bought a house, who is on holiday, who just upgraded their kitchen – and never harder not to measure yourself against it.
“In the middle of a cost-of-living crisis, that can make you feel both behind and powerless at the same time.”
She added: “The problem is comparing your full financial reality to someone else’s highlight reel.
“We see the keys to the new flat, not the parental loan, the long-haul holiday, not the credit card bill, the pile of presents without the buy-now-pay-later balance quietly ticking away in the background.
“According to the data, plenty of people are stretching themselves to maintain an image, and that illusion can come at a real financial cost.”
Concerningly, over a quarter say they’ve fallen into debt as a result of trying to keep up with the Joneses, with that average debt reaching a whopping £1,874.
Vix Leyton added: “No one is saying ambition is wrong, or that you should not want more. But you will never have the full picture of someone else’s finances, so using it as a benchmark is flawed from the start.
“But it is worth remembering that the data shows money alone does not guarantee happiness.
“Financial security brings stability and choice, which matter enormously, and working towards that – whether through clearing debt, building up savings or starting to invest – is never wasted.
“But keeping up with the Joneses rarely delivers the contentment people expect, particularly if the Joneses are sneakily putting it on credit as well.”
And when asked how they funded the deficit the majority (37%) favoured a credit card, whilst a quarter (24%) used an overdraft.
Ironically, one in five (20%) borrowed from friends and family, 17% dipped into their savings pot and 16% cut back on essentials or used BNPL schemes.
Meanwhile more than one in ten (12%) even missed a payment to keep ahead of the game.
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Study claims Leicester is the most financially resentful place in the UK (Image: AFP via Getty Images)
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