July 11, 2024: Edinburgh, Cambridge, and London have been named as the UK’s most financially confident cities, according to new research from saving and investing app Moneybox. 

Residents of the Scottish capital feel the most capable in areas such as saving, investing, retirement planning, and money management overall, closely followed by people living in the academic hub of Cambridge.

Despite being home to the most confident investors in the UK, London ranks third in overall financial confidence – with Brighton & Hove and Norwich completing the top five.

Not far behind, Southampton, Sheffield, Bristol, Leeds, and Leicester residents display high levels of financial confidence. 

Liverpool was found to be the least financially confident city in the UK – falling just below Belfast, Newcastle, Glasgow and Plymouth. 

Commissioned by saving and investing app Moneybox, the study of 4,000 UK adults revealed that, regardless of income, those who consider themselves financially confident have nearly double the net worth of those with low levels of financial confidence.

On average, these financially savvy individuals had amassed a net worth of £145,000 – encompassing savings, investments, and pension contributions – compared to just £78,000 among their less financially confident counterparts.

Interestingly, the research also shows that the most significant contributing factor to higher levels of financial confidence is time spent learning about money matters.

Brian Byrnes, Head of Personal Finance at Moneybox, comments: “When it comes to making the most of your money, building financial confidence can be a real game changer to ensure you are equipped to make the most of all your financial opportunities in life. 

“Our research has shown that one of the most important things a person can do to improve their financial situation is to spend time getting to grips with personal finance topics. This simple step, which we can all choose to take, can have a notable positive impact on many aspects of our financial lives.

“Whether you spend 30 minutes a week reviewing your budget, researching the best financial products for your needs, or making a plan to help you achieve an important financial goal – time spent on your finances is critical in boosting your financial confidence and therefore your financial position over time.”

The Moneybox study also found that across the UK only 20% of Brits regularly spend time learning about personal finance topics. 4 in 10 said they spend a little time improving their knowledge of personal finance matters. 

Concerningly, only 3 in 10 consistently make and follow a budget. And, among all those surveyed, only 14% had ever paid for professional financial advice. 

When it comes to saving for the future, Cambridge and Brighton & Hove stood out as the most confident, while Belfast and Liverpool struggled most in this category. 

Despite ranking 16th on the financial confidence index, Belfast, the Northern Ireland capital matched with London having the greatest number of residents that feel confident investing (43%).

By comparison, in Glasgow and Newcastle only a quarter of the population feel the same way.

Manchester residents are the most self-assured in their ability to plan for a comfortable retirement at 57% of the population, closely followed by Birmingham, Leeds and Edinburgh. 

Liverpool (42%) Southampton (44%) and Plymouth (44%) and are the least confident in their preparations for retirement.

Moneybox’s Byrnes adds: “Financial education, both in school and throughout adulthood, has been severely lacking in the UK, which has meant that many are left to figure out how to manage their money and plan for the future through trial and error. 

“The financial services industry has evolved a lot in recent years and providers like Moneybox have a host of information and tools available to help guide and support people as they learn how to achieve their financial goals and build wealth for the future. 

“However, without a doubt, more needs to be done, by the government, regulators, and the industry as a whole, to close the advice gap and help boost the nation’s financial confidence and long-term financial resilience.”


  1. Edinburgh 
  2. Cambridge 
  3. London
  4. Brighton & Hove 
  5. Norwich
  6. Southampton
  7. Sheffield 
  8. Bristol
  9. Leeds
  10. Leicester 
  11. Manchester 
  12. Birmingham
  13. Plymouth 
  14. Glasgow 
  15. Newcastle 
  16. Belfast 
  17. Liverpool


About Moneybox

Moneybox is the award-winning app on a mission to help people build wealth with confidence so they can enjoy life, today and tomorrow. Launched in 2016 by co-founders Ben Stanway and Charlie Mortimer, the company has experienced rapid growth, and today has over £7bn in assets and a community of more than 1.3 million customers. Moneybox provides a range of great value products and services, across saving, investing, home-buying, and retirement as well as helpful tools and educational content, to help people manage and achieve their short, mid, and longer-term financial goals. Moneybox enables customers to set money aside in the way that suits them best using round-ups, regular deposits, or instant payments. In March 2022 Moneybox raised £35m in a Series D funding round, led by Fidelity International Strategic Ventures, existing investors Oxford Capital, CNP, Burda and Breega, plus new investor Polar Capital. This brings total funds raised by the digital wealth manager to £100+ million.