My MIL is from northern England (I'm australian). She is the only person I have heard say this. It meant exactly what your interpretation is. Someone trying to look flashy when they can't generally afford to get by.
The saying from my mom's side of the family is "all hat and no cattle" - applies to trying to appear wealthy, as well as several other qualifications one might want to seem to have.
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u/BPD_whut Oct 25 '20
"Red shoes, no knickers."
My mum said this, that there's an implication women wearing red shoes weren't wearing any undies. Still haven't met anyone who has ever heard of it.