Two in five Brits expect Brexit to leave them worse off

Michael Lloyd

December 21, 2017

Two in five (39%) Brits expect Brexit to negatively affect how they access and manage their finances.

One quarter of those in employment believe their work situation will suffer.

Equifax’s survey, conducted by YouGov, showed over half (56%) of 18-24 year olds believed leaving the EU will make it more difficult to access and manage their finances, compared to 30% of those 55 and over.

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Jake Ranson, banking and financial institution expert at Equifax Ltd, said: “These findings highlight the very real consumer concerns and confusion about the impact of leaving the EU on finances.

“With conflicting information circulating on the issues of job security and the level of economic fallout, people are feeling very anxious.

“Exiting the EU is an incredibly complex process and so it’s important that people take steps to manage their finances in anticipation of unpredictable changes ahead.

Of the 39% who thought Brexit will make managing and accessing their finances more difficult, 34% believed it will make securing a loan or mortgage more difficult.

Of the 19% of Brits who expected Brexit to have a positive impact on their ability to manage and access their finances, 9% thought it will be easier to secure a loan or mortgage.

Some 24% believed Brexit will worsen their employment situation, with potential job losses, pay cuts or reduced hours and only 5% of people thought it will improve their employment situation.

Among self-employed people, 26% expected Brexit to negatively impact their business, while just 8% were positive about their business position in a post-Brexit environment.

Ranson added: “New developments in the banking sector next year, particularly open banking, will help people navigate the uncertain environment with new tools to manage their finances and better assess the services available to them.

“The industry must work together to encourage consumers to engage with these initiatives so that the full benefits are properly understood and realised.”

 

 

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