England has high savings, but equally high insurance and debt

England tops the list of European countries in terms of salary levels and personal savings, but also has the highest insurance premiums and personal debt levels, according to new research.

According to a study by online bank Egg, England has the highest average income in Europe at €23,616 (£16,190) and has the highest average savings level, at €23,311.

However, the average level of unsecured debt in the country is €5,670, with the average number of ‘pay later’ cards 1.459 and the average home insurance premium €363.

Overall, England were found to be the worst performing European nation in terms of financial affairs, with Italy at the top, followed by Spain, Germany and France.

Alison Wright, Egg’s chief marketing officer, said: “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.

“Our research ultimately shows that we could learn some valuable lessons from our European rivals by making our money work harder for us in key areas.”

Ms Wright states that short term debt is one issue that particularly needs to be addressed and that a “healthier savings mentality” should be adopted in this country.