How are people feeling about Brexit and their finances?
Research for Royal London has found that 32 per cent of people think that their personal finances will get worse as a result of the UK leaving the EU, with only eight per cent expecting their finances to improve.
Nearly 38 per cent of people think their finances will 'be much the same', with almost a quarter saying they don’t know, according to the survey by YouGov on behalf of Royal London.
Of those people questioned who have pensions and investments, 67 per cent have not changed the risk level of their portfolio at all in the last year during the run up to Brexit. Five per cent of those with pensions and investments have increased their portfolio risk level and 15 per cent have curbed it.
Becky O’Connor, a personal finance specialist at Royal London, said: 'This research shows that through the eyes of the general public thinking about the pounds and pence in their pockets, the glass looks more half empty than half full.
'When you boil it down, anxiety around the impact of Brexit is partly about how we think it will affect us as individuals financially. ‘Will I lose my job?’ ‘Will the value of my house fall?
‘Can I still go to Spain for my summer hols?’ These anxieties can feed into our financial decision-making, rightly or wrongly, or just make us afraid to do anything.
'It’s hard not to worry at all with so much of what lies ahead looking uncertain and uncontrollable, but as it’s almost impossible to predict meaningfully what the impact of Brexit will be at this stage, it’s also hard to direct that worry into action.'
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