LEICESTER has been crowned the jealous money capital of the UK, according to a new poll.
New research has crowned the East Midlands city “the most financially resentful” with nearly half (44 per cent) of its residents admitting they have a simmering discontent towards others’ finances.
It was closely followed by Brighton and Cardiff (both 43 per cent), with Liverpool (42 per cent) and the capital city London (40 per cent) completing the top five angry cities.
Conversely those who live in Norwich (31 per cent) are the happiest with their lot followed by Glasgow (32 per cent).
According to the poll of 2,000 Brits by all-in-one banking app thinkmoney, it’s those earning between £50,000-£75,000 (44 per cent), aka the squeezed middle, who are the most economically resentful of others – with those earning more than £100,000 being the least (34per cent).
In terms of age, nearly half of Gen Z (49 per cent) were economically disgruntled, just ahead of millennials (48 per cent).
Next up were Gen X (aged 46-61) at 40 per cent followed by Baby Boomers (aged 62-80) at 22 per cent.
The study found Brits spend a total of 53 minutes a week just thinking about other people’s bank accounts and unearthed that we’re most fiscally put out by our friends (53 per cent) and people we follow on social media (35 per cent).
We also reserve chagrin for work colleagues (23 per cent), parents (18 per cent) and even our other half (16 per cent).
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.
“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.
The top 10 most financially resentful cities:
- Leicester – 44 per cent
- Brighton – 43 per cent
- Cardiff – 43 per cent
- Liverpool – 42 per cent
- London – 40 per cent
- Birmingham – 39 per cent
- Sheffield – 39 per cent
- Oxford – 38 per cent
- Cambridge 37 per cent
- Edinburgh – 37 per cent
“According to the data, plenty of people are stretching themselves to maintain an image – and that illusion can come at a real financial cost.”
But, perhaps concerningly, more than a quarter (28 per cent) say they’ve fallen into debt as a result to trying to keep up, with that average debt reaching a whopping £1,874.
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 per cent) favoured a credit card, whilst a quarter (24 per cent) used an overdraft. Ironically, one in five (20 per cent) borrowed from friends and family, 17 per cent dipped into their savings pot and 16 per cent cut back on essentials or used BNPL schemes.
Meanwhile, more than one in ten (12 per cent) even missed a payment to keep ahead of the game.
