December 5th 2024.
Did you hear the latest news? The UK Cities with the highest and lowest disposable income have just been revealed through new data. And it looks like Brighton has taken the top spot! Residents of this seaside town are rejoicing as they only have to spend 45% of their paycheck on bills and necessities, leaving a whopping 55% to use as they please.
But it's not all sunshine and rainbows for everyone. The city with the lowest disposable income is Bristol, where a staggering 75% of monthly income goes towards necessities, leaving only a measly 15% for leisure activities. Ouch.
Meanwhile, Londoners seem to have it pretty good with an average of £1,000 of disposable income each month. Other cities that made the list include Nottingham, Belfast, Glasgow, and Southampton. However, for cities further up north, it's a different story. Newcastle, Manchester, Leeds, Liverpool, Sheffield, and Edinburgh all ranked rather low on the list, indicating a clear north-south divide.
In Cardiff, residents have an average of £893 to spend as they please each month, while in Leeds, that number drops to £543. Manchester residents have a bit more to work with, with an average of £869 in disposable income each month. Overall, the average British person has £836 of disposable income each month, which is an increase of £195 compared to last year. However, with rising rent prices across the UK, most of this income goes towards keeping a roof over our heads.
A survey by MoneySuperMarket's Household Money Index showed that on average, 70% of monthly income is spent on bills and other necessities. And it's not just the big cities feeling the squeeze - even Edinburgh, with its picturesque views and rich history, ranked pretty low on the list.
In other news, London is set to get a new mega-cycle lane that will run from city wall to city wall. However, not all news coming out of the capital is positive. The world's first YMCA has been sold to a hotel chain after 180 years of operation, and Winter Wonderland is being plagued by pickpockets targeting mobile phones. To stay updated on all the latest news from the bustling city, be sure to visit Metro's London news hub.
On a brighter note, it seems that people are generally earning more and spending less on bills than they were last year, according to a survey of 10,000 people by MoneySuperMarket. However, the increase in disposable income is not evenly spread across the country. The survey looked at the ratio of income to spending on bills, taxes, and rent or mortgage payments in 17 different cities, showing that the cost of living is a major factor in determining disposable income.
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