According to our nationwide analysis of financial wellbeing, conducted in conjunction with the Centre for Economics and Business Research (CEBR), those living in the South East are four times more financially healthy than those living in the North East – and they have a 20% higher average annual wage.
 
However, “The higher cost of living in the South East meant that even those who were relatively wealthy had a lower perception of their wealth,” says Alexandra Loydon, Director for Partner Engagement and Consultancy at SJP.
 
There are issues in all regions: an uneven economy, where you’re either poor or feel poor, and a lack of financial literacy. The solution is the same: education. For Alexandra, employers need to play their part in empowering workers to feel more comfortable about their finances – but there is more of this support in larger, city-based companies, and those in smaller organisations may be more vulnerable.
 
It’s important to improve these regions so they’re on an equal footing to the most well-off areas, otherwise the financial wellbeing of the nation will suffer.

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