The most common and most likely answer to this crossword clue is the 5 plus 3 letter word ESSEX MAN
I've seen this crossword clue in The Daily Telegraph
E
S
S
E
X
M
A
N
More clues leading to the result ESSEX MAN
Buddy explains!
The straight part
We know that "local, known for more money than sense?" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case local, known for more money than sense? = essex man.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.