Brits have Brexit blues, Equifax survey

Brits have Brexit blues, Equifax survey

39% of Brits expect Brexit to negatively affect how they access and manage their finances, according to research by Equifax. Its survey, conducted by YouGov and involving 2,136 people, also highlights that 56% of 18-24 year olds believe it will make it more difficult to access and manage their finances, compared to 30% of those 55 and over.

Of the aforementioned 39%, 34% believe it will make securing a loan or mortgage more difficult and 15% that 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% said it will be easier to secure a loan or mortgage, and 8% that it will be easier to get a credit card. 

“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,” says Jake Ranson, Banking and Financial Institution expert at Equifax. “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.”

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