Worse off because of Brexit?

Worse off because of Brexit?Are you worse off as a result of the Brexit referendum result in June?

The referendum result was someone that many people didn’t anticipate.

A couple of months later, and many Brits are still expecting to face a couple of tough years ahead.

In fact, a new survey by gocompare.com has found 63% believe there are difficult times to come.

Just under half of people think the decision for the UK to leave the EU will result in Britain being worse off.

Only 18% believe the decision to exit the EU is going to improve their financial situation.

With 40% expecting Britain to enter an economic recession, just over half of people asked by the survey are worried about the rising cost of living and bills.

As a result, panic is setting in for those who think they may not be able to save for their future.

gocompare.com commissioned the new research which suggests young adults are the most gloomy about their immediate financial future.

65% of these young adults believe that they will be worse off after the decision to leave the EU and only a small percentage are predicting that they will be better off.

The cost of living is predicted by half the UK adults questioned to increase as a result of leaving.

However, 42% were eager for the PM to embark on the process of quitting the EU with only 31% saying there should be a delay with the exit negotiations in order for Britain to get a better deal.

So what are the main money troubles in the next two years for us Brits?

Since the referendum result, 13% of people have decided to analyse their personal finances in order to find out where they can save money.

The results from the survey reveal that the top areas to cut costs were food shopping, home phone, Internet, TV and mobile and gas and electricity bills.

According to Tom Lewis, director of money, protection and utilities at Gocompare.com,:

“While it’s too early to judge the financial impact of Brexit, the decision to leave has already sent shock waves through the markets.

“So understandably many people are concerned about the effect Brexit will have on their wallets and future financial security.

“The process of unravelling the UK from the EU will undoubtedly take years, but in the meantime, if people are concerned about their personal finances there’s action they can take to ensure their money is working hard for them.

“It’s a good idea to review your finances regularly to make sure that you are not overpaying your household utility bills and paying more than you need to for insurance policies and other financial products.”

Do you expect to be worse off as a result of Brexit? Are you planning to cut your expenditure for the next few years to protect your personal finances?

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About Martin Bamford

Martin Bamford is a Chartered Financial Planner, Certified Financial Planner (CFP) professional and published personal finance author. He works with elderly clients to provide advice on funding residential care fees, hosts the Informed Choice Podcast and is a keen ultra runner.
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