You are here: Home - Household Bills - News -

Brits take tentative steps to protect their finances from a hard Brexit

Written by:
British citizens living in the UK or abroad expect the economic situation to worsen in the next year due to Brexit, but believe their personal finances will be able to weather the storm.

A new YouGov survey conducted on behalf of international money transfer service CurrencyFair found that 42 per cent of EU expats and 54 per cent of British citizens living at home believe the economic situation in the UK will worsen in the next 12 months

However, 54 per cent from each group believe their individual economic situation will either stay the same or improve due to Brexit.

The majority (54 per cent) of British citizens in the UK aren’t laying any contingency plans for a hard Brexit, except bracing for a recession. Others plan to liquidate UK assets (17 per cent) or transfer money abroad (13 per cent) if the UK crashes out of the EU without a deal.

Paul Byrne, CEO of CurrencyFair, said: ”Expats believe the world has underestimated the financial implications of Brexit and they are proactively managing their personal finances in response,”

British expats are more worried than citizens residing at home about the uncertainty surrounding the UK’s departure from the EU. Areas of concern include the amount of debt they hold to the impact of Brexit on their retirement. Expats are also much more likely to be moving their children’s savings out of the UK.

UK residents are slightly more concerned about inflation post-Brexit than expats (60 per cent versus 55 per cent), but share the same anxiety about the value of sterling (56 percent versus 59 percent).

Related Posts

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.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week