While Brexit negotiations seem as though they are about to start making some progress at last, new research reveals that two in five Brits think they will be worse off as a result of Brexit.
Online research from Equifax reveals that 39 per cent of Brits expect Brexit to negatively affect how they access and manage their finances. Only 19 per cent expect Brexit to have a positive impact on their finances.
Almost a quarter of those who are currently employed believe Brexit will worsen their employment situation, with potential job losses, pay cuts or reduced hours; only 5 per cent of people think it will improve their employment situation.
Among those who are self-employed, 26 per cent expect Brexit to negatively impact their business, in contrast to 8 per cent who are positive about the post-Brexit environment for their business.
Of those respondents who expect Brexit to negatively affect their finances, 34 per cent believe it will be more difficult to secure a loan or mortgage.
Jake Ranson, banking and financial institution expert at Equifax, says: ‘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.’
Given that inflation has reached a new high at 3.1 per cent while wage growth has been stagnating, consumers’ disposable incomes continue to be squeezed. That adds to the insecurities surrounding the results of Brexit, which is due to happen on 29 March 2019.
Keep up to date with all the latest financial news and investment tips by signing up to our newsletter. Email subscribers will also receive a free print copy of Money Observer magazine.
Subscribe to Money Observer Magazine
Be the first to receive expert investment news and analysis of shares, funds, regions and strategies we expect to deliver top returns, plus free access to the digital issues on your desktop or via the Money Observer App.Subscribe now