One fifth of people in Midlands say they struggle to make ends meet or worse
National average for people struggling is 12%
New research has revealed that the Midlands ranks as the UK area with the highest levels of financial insecurity.
The study by money transfer experts RationalFX found that the number of people in the Midlands who describe themselves as either “often struggling to make ends meet” or “often having to go without essentials like food an heating” stands at 20% – considerably higher than the UK average of 12%.
The analysis of the results for May 2021 from YouGov’s monthly financial comfort tracker also revealed that the number of people in the Midlands rating themselves as often struggling financially or worse has risen six percentage points since the start of the pandemic in March 2020, when the figure was 14%.
That puts the region in stark contrast to the rest of the UK, where the number of people suffering financial insecurity has gone from 18% as the coronavirus pandemic took hold in March 2020, down to 12% in May 2021.
At the other end of the scale, the number of people describing themselves as relatively or very comfortable in the Midlands is 43% – the third lowest in the UK, with London on 36%, and Wales on just 31%.
The South (excluding London) ranked as the most financially comfortable area of the UK, with 57% describing themselves as either very or relatively comfortable.
In the North, 52% of people say they are financially comfortable, the second highest in the UK, ahead of Scotland (49%) in third.
Those over 65 are the most financially comfortable group, with 59% either relatively or very comfortable. In the 18-24 and 50-64 age brackets there are 54% in each who have few money worries, while the least comfortable age range is those aged 25-40, of whom just 40% describe themselves as comfortable.
The research was carried out by RationalFX, which is one of Europe’s leading international payment providers, helping businesses and individuals to streamline their bank-to-bank transfers with smart global payment solutions.