England has been rated bottom of a league table of European countries rated by financial know-how.
England was rated first when judged on savings levels and pay packets but was hampered by weak performances in other fields against Italy, Spain, Germany, and France.
In particular, England scored poorly on the overall earnings-savings ratio, levels of personal debt and how much we pay on insurance premiums.
“Whilst there are some positive signs in our personal finances, compared with our European counterparts England’s performance is not as strong as it could be,” said Alison Wright, chief marketing officer at Egg, who commissioned the research.
“This is particularly true with regards to paying down our short term debt, adopting a healthier savings mentality and shopping around for the best insurance deals in the marketplace.”
Italy was ranked as the overall leader in the field, with the strongest rankings in mortgage balances, unsecured borrowing and home insurance premiums.
Germany scored the highest on car insurance premiums and ‘pay later’ cards while Spain maxed-out on house price inflation and life insurance premium.
France scored top in one measure, saving nearly 12 per cent of income. Egg said that England’s poor rankings indicated the importance of securing the best rate of finance.
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