Research carried out by Shepherds Friendly found 75 per cent of Oxford residents passed a financial literacy test.

This placed it second only to Wrexham, and well above the national average, with more than half of Brits failing the test.

The study saw 2,000 people surveyed on their knowledge of ISAs, life insurance, and general personal finance.

While Worcester, Portsmouth and York also featured in the top five most financially literate cities, Aberystwyth, Belfast and Swansea came in at the other end of the scale.

Aberystwyth, which found itself at the foot of the leader board, had a 20 per cent pass rate, while London had a pass rate of 42 per cent.