Londoners are more in the mood to spend their money than people in the north of England, according to Legal & General.

A poll by the firm found that 31 per cent of respondents in the capital city feel like splashing the cash, compared to 21 per cent of northerners.

Whereas 70 per cent of northern-living Brits said they were in the mood to put money away, just 57 per cent of Londoners agreed.

In addition, a fifth of people in the north claimed their debt repayments and bills added up to more than their monthly income, whereas this figure lowered to 15 per cent in London.

Northerners also seem to be sacrificing their social life, with 45 per cent saying they spent nothing on going out and entertainment last month, compared to 25 per cent in the southern city.

Julia Clayworth, wealth management head of marketing at the firm, advised people to put money away every month.

"In times of financial uncertainty it is more important than ever for people to keep a close eye on their spending and budgets," she said.

To avoid getting into debt, counselling service Thomas Charles & Co has claimed that it is simply a case of learning to live within a budget.

© Adfero Ltd