Ongoing Brexit uncertainty is seriously affecting Britain’s personal finances, according to new statistics released on Wednesday.
A fifth of Brits — 10.5 million people — believe they are in their worst financial position ever thanks to Brexit, a survey of 2,000 UK adults by loan comparison site FairMoney revealed.
Men appear slightly worse off overall than women, with 21% of men saying they are in a bad financial situation because of Brexit, compared to 19% of women.
The survey also found that about 22 million (43%) Brits don’t understand how Brexit will affect their household bills, despite almost the same amount of people (42%) saying they would care a lot more about negotiations if it did affect them.
In this case, women are more confused than men, with 46% saying they don’t know how Brexit will affect their bills, and 43% saying they would care more about Brexit if they did. This is compared to 39% and 41% of men, respectively.
It is clear that individuals in the UK think the cost of many of their regular expenditures will increase after Brexit. Almost three in five (59%) Brits said they believe Brexit will increase the price of food and produce in supermarkets. Almost as many people (57%) said they believe it will have a negative impact on the cost of their holidays.
The effect of this could be monumental as a quarter (24%) of Brits said their average disposable income per week is less than £30, and 5% said it is £0 or less.
Londoners are most worried about the cost of their holidays, it seems, as 64% of people living in the capital said they believe it will be more expensive for them to travel.
Brits in London are some of the most concerned about the price of food and produce increasing after Brexit. Along with the north west, 65% of people said they believe groceries will cost more.
“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,” Roger Gewolb, executive chairman of FairMoney, said.
“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.”
Britain has lost £600m of economic growth per week since the Brexit vote in 2016.