Brightonians struggle the most to save each month, with 1 in 5 left with £0 after paying bills

As households across the UK face rising water bills, council tax and broadband bills, new research has revealed that Brightonians struggle the most to save each month, with 1 in 5 left with £0 after paying bills. In fact, 38% of Brightonians are using their payday income to pay off their credit card straight away.

The findings, from financial wellbeing membership RiseUp’s latest report ‘Riding the payday wave: Navigating the highs and lows of our money’, found that for Brightonians, the rising cost of groceries (51%), high utility bills (42%) and salaries not matching the rate of inflation (26%) are the biggest barriers to saving.

Many Brightonians start the payday cycle with a sense of financial security, with 38% feeling positive about their financial situation. However, this ‘afterglow’ from payday quickly fades, with only 11% feeling positive about their financial situation the week after payday.

This rapid decline takes a huge toll on Brightonians’ lives, with financial stress affecting mental health (58%), eating habits (43%), relationships (32%), fitness routine (25%), friendships (22%) and their sex life (22%).

Regional disparities

There are big divisions in Britain when it comes to saving money each month, with some regions almost 20% lower on the number of people who save.

Outside of Brighton, Plymouth (17%) and Belfast (12%), were found to be the next cities most likely to end the month with £0 left in their bank account. Further south, however, just 8% of Londoners and 5% of Cardiff locals end the month with £0.

Here are the 5 cities which struggling the most to save each month

• Brighton (22%)

• Plymouth (17%)

• Belfast (12%)

• Glasgow (12%)

• Birmingham (11%)

Yuval Samet, CEO and Co-Founder of RiseUp, said: “No matter where you live in the UK, everyone has experienced the impact of rising bills and inflation.

"These findings confirm, however, that there are big regional divisions in Britain when it comes to saving money each month. Whilst each city across the UK has been impacted differently by the cost of living crisis, the one factor that links each city is the desire to transform our relationship with money and curb the payday anxieties which impact our lives.

"This starts with a clear and concise overview of your finances. Seeing your cash flow and what your bank balance will look like at the end of the month can empower you to plan for the future.”

To download the report, you can visit: https://events.riseup.co.il/ridingthepaydaywave