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How is Brexit going to hit your pocket?

Will Brexit make it harder for fans of money saving?
By Ben Lobel on Dec 1st, 2016   @freelotteriesuk

Almost a third of people in the UK believe that leaving the European Union will make them worse off financially, new research shows.

A poll of 1,000 UK adults by loans broker Norton Finance reveals that 31 per cent of people foresee Brexit having a negative impact on their personal finances. More than half (55 per cent) feel that there will be no change as a result of the new political landscape.

Men are nearly twice as likely to say that their outlook would improve as a result of the referendum, with one in six males holding this belief compared to one in ten women.

Young people are positive about their finances...

Contrary to what some people may think, millennials (those aged 18-34) are actually the most likely to believe their finances would improve outside of the EU compared to older generations, however four in five in this demographic still thought Brexit would make them financially worse off or not impacted either way.

Further confidence is found in London, where more than a quarter (27 per cent) of respondents say their finances would improve – the highest number in the UK.

Scotland, whose First Minister Nicola Sturgeon is in favour of blocking the Brexit ruling, responded with the opposite sentiment – with over half (55 per cent) of Scots surveyed having a bleak picture about their future.

The findings come as part of a wider survey into British finances, looking at British attitudes towards money.

...But Britain is struggling in general with cash

The data finds that one in nine (12 per cent) admit to having to forego essentials such as food and electricity just to get by while one in five (19 per cent) have sold their personal effects to pay bills.

When asked about retirement, the average respondent says that they would be able to retire after the age of 78 – 12 years above minimum retirement age.

However, one in ten (11 per cent) people don’t believe it’s likely that they will ever be able to retire, a sentiment that is more prominent in people in their late 30s and early 40s.

Paul Stringer, managing director at Norton Finance says, 'At the moment the future feels uncertain for most people. Naturally they’re thinking ‘how will Britain leaving the European Union affect my finances.

'We’re seeing a significant number of people who feel like their wallet is going to be adversely impacted, however, it’s interesting to see that the younger generation actually has a more positive outlook in comparison to other demographics – contrary to popular opinion.'

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