To make matters worse, the UK no longer enjoys the highest net household income in the continent. Last year it was £10,000 above the European average, whereas now it is just £2,314 ahead, slipping below Ireland, the Netherlands and Denmark.
Britons in search of quality of life might want to move to France, as it held on to the top spot in the index for the second year in succession.
Spain came second, while Denmark, Poland and Germany helped to make up the top five spots, with all these countries offering more days of holiday and a lower retirement age than the UK and Ireland.
Recently, a study by Aviva and accountants Deloitte found that the UK has the biggest pension gap in Europe, with Britons needing to increase the amount they save each year to have a good retirement income.