Despite doing well in personal savings and being the greatest earners, England is bottom of the European nation's financial league, according to new figures.

Data collected for online bank Egg revealed Britons have the highest average income and the highest level of personal savings compared to our European neighbours – Italy, France, Germany and Spain.

However, Britain comes last when it comes to home insurance premiums, personal debt, mortgage balances and average household savings.

Italy comes top in four categories recording the lowest mortgage balances, highest average investments, the lowest level of unsecured debt and the lowest home insurance premiums.

"Our research ultimately shows that we could to learn some valuable lessons from our European rivals by making our money work harder for us in key areas," said Alison Wright from Egg.

"This is particularly true with regards to paying down our short term debt, adopting a healthier savings mentality and shopping around for the best insurance deals in the marketplace."