Online research from Equifax has revealed that 39% of Brits expect Brexit to negatively affect how they access and manage their finances. The survey, conducted by YouGov, also highlighted the younger generations’ pessimism about Brexit with over half (56%) of 18-24 year olds believing exiting the EU will make it more difficult to access and manage their finances, compared to 30% of those 55 and over.
Of the overall 39% who think Brexit will make managing and accessing their finances more difficult, 34% believe it will make securing a loan or mortgage more difficult and 15% think it will be more difficult to get a credit card. In contrast, of the 19% of Brits who expect Brexit to have a positive impact on their ability to manage and access their finances, 9% think it will be easier to secure a loan or mortgage, and 8% think it will be easier to get a credit card.
Almost a quarter of Brits currently employed (24%) believe Brexit will worsen their employment situation, with potential job losses, pay cuts or reduced hours; only 5% of people think it will improve their employment situation. Among self-employed respondents, 26% expect Brexit to negatively impact their business, versus 8% who are positive about their business position in a post-Brexit environment.
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.”
“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.”