Over a third of Brits fear cost of living hike post-Brexit

Over a third (35%) of British adults, which amounts to around 17 million people, think their finances will worsen post-Brexit, rising from 32% in the last quarter, research from Royal London found.

With the expected date of Brexit fast approaching, more Britons fear for their financial wellbeing in a post-Brexit world, compared to last year. On behalf of Royal London, YouGov found that 93% of Brits were most concerned about a rise in the cost of food.

Just behind concerns surround food prices, a fall in the value of the pound and an increase in the cost of energy were the top three biggest concerns among those fearing the worst for their money.

Meanwhile 84% (equal to almost 14 million British adults) of those who expect a general decline in their financial situation believe the value of the Pound will fall and 71% think the cost of energy will rise after Brexit.

Royal London revealed that a further 39% expect their financial situation will stay the same, up from 38% in November 2018, while 9% think their financial position will improve. The results highlighted that 17% “don’t know” what will happen to their finances post-Brexit, down from 23%.

Overall, 63% of remain voters believed that their personal finances will get worse following Brexit, compared with 11% of those who voted to leave. Just 1% of remain voters reported that they think their finances will get better, against 17% of leave voters. Meanwhile, 23% of remain voters think their finances will stay much the same, compared with 59% of leave voters.

Royal London personal finance specialist Becky O’Connor commented: ““People are becoming more pessimistic about the real impact Brexit is going to have on them personally with each passing day, but they still don’t know what, if anything, to do about it.

“But 15% of Brits have put off making a big financial decision – that’s millions of people not getting on with their lives – not buying homes, not going on holiday, not buying cars, as Brexit negotiations roll on.

“Anyone who is worried can take some precautions with their cash, such as making sure they have a savings buffer worth three to six months of salary, exchanging currency in advance to secure a certain rate and talking through the risk level of their long-term investments and pensions with an independent financial adviser.”

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