The UK and Ireland have been ranked ninth and tenth respectively in a new European Quality of Life Index.
In a study that took into account fuel prices, life expectancy, health care and education, the UK was ranked below a majority of European countries including Spain, France, Germany and Sweden.
Although Brits have Europe's highest net income after tax, they face higher than average prices when it comes to staple food items and enjoy fewer holidays than most of their European neighbours.
Ann Robinson, director of consumer policy at uSwitch which compiled the index said: "We may earn substantially more than our European neighbours but, when it comes to quality of life, we remain the 'sick man of Europe'. Soaring food prices and inflation - not to mention high property costs - are placing the biggest squeeze on disposable incomes in well over a decade."
Ms Robinson suggested that consumers try to help themselves as much as possible by evaluating expenditure and looking for ways to cut costs.
For example, Brits can save up to £1,500 annually on household bills and services by using a price comparison site to compare quotes.
In other news, drivers were recently encouraged to cut the cost of their car insurance by making fewer modifications.
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