Despite having the highest average wage in the country of £2,724 per month, Londoners’ disposable income is £1,095 – only £12 above the UK average in the study. Average monthly outgoings in the city are £1,629, which is over £350 more than any other city.
The UK city where residents have the most disposable income has been revealed to be Derby, with locals enjoying an average of £1,456 to spend per month after after tax, bills and general (essential) outgoings such as travel and food. Derby residents earn around £200 a month above the national average, and have the second lowest cost of living in the study.
The analysis by personal finance comparison website finder.com compared average city salaries against local rent and other standard monthly outgoings for 30 UK cities to find who enjoys the most, and least, disposable income.
Residents in Reading earn the second highest wage in the study (£2,473 per month) helping them to keep £1,287 after bills. This is followed by Southampton as the third ‘wealthiest’ city, where the figure is £1,264.
This is significantly more than the British average in the study, which sees people keep an £1,083 per month after expenses and tax, to spend on non-essentials. The average monthly wage is £2,073, while the average (essential) outgoings, such as rent, travel and food, total £990.