You are here: Home - Household Bills - News -

A fifth of Brits in the worst financial shape ever

0
Written by:
21/03/2019
A new survey shows that many Britons are poorly prepared for any worsening of the UK economy with around a fifth saying they’re in the worst financial position they’ve ever been.

The research from Fairmoney said over half of Brits have no disposable income each week. At the same time, many believe that their expenses will increase after Brexit. While 43% admit they don’t understand how Brexit will affect household bills, 59% – equivalent to 30 million people – believe that Brexit will increase the price of food in supermarkets. Over half of Brits – 54% – believe that Brexit will have a negative impact on the cost of holidays

While the Prime Minister yesterday talked about Brexit fatigue, around 42% of Brits said they would care more about Brexit negotiations if it affected their house bills.

Brexit may have an impact on bills in a number of ways. It may increase the price of imported goods, particularly if there is a drop in the pound. Additional tariffs on goods moving within the European Union may also have an impact on the price people pay. Holidays would become more expensive if the pound dropped versus other countries.

Dr Roger Gewolb, executive chairman of FairMoney commented on the research, “The Brexit limbo is negatively affecting Brits and their financial situation. Many of us just need some degree of certainty so we can adequately plan for the future. The research that FairMoney is publishing today shows a bleak picture of personal financial situation, and I urge politicians from all sides to come together for the good of our bank balances.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week