Yahoo Finance All the ways Brexit is impacting millennials' 2019 aspirations
After the excitement and excess of Christmas, many view the New Year as a chance to wipe the slate clean. Over a third of Brits endorse the “New Year, new me” mentality, meaning that there are plenty of opportunities for positive changes in 2019.
But according to the UK’s leading savings site VoucherCodes, which surveyed 2,016 16-34 year olds across the country to discover the nation’s hopes and ambitions for the upcoming year, millennials feel that the long-term future is out of their hands, with Brexit expected to impact both the economy and jobs.
The research has revealed a “wave of uncertainty” hitting the UK as a result of Britain’s impending exit from the EU, and millennials stand to be particularly affected as financial insecurity will result in doubts of employment, as well as postponing huge decisions such as getting on the property ladder and popping the question.
READ MORE: London property prices are being cut as Brexit uncertainty looms
Money worries
Unsurprisingly, millennials are most worried about money going into 2019, with half (49%) already planning to cut back on spending for fear it will be harder to save once Britain crashes out of the EU. Three out of five (60%) young Brits said they plan to rely more heavily on sales and discounts, and two out of five (41%) said their top goal for the year was “to be financially secure.”
Work aspirations
Brexit is already making an impact on the professional aspirations of British millennials, with over third (35%) worrying that it could lead to them being unemployed, and two out of five (39%) hoping to get a new job in the upcoming year. In an effort to become as employable as possible, a quarter said they’ve resolved to secure a new qualification (23%) or learn a new skill (25%) in 2019.
Personal decisions
Many life-changing, personal decisions will be swayed by Brexit in the upcoming 12 months. While a quarter of young Brits admitted they’d like to start a family in 2019, one in 10 said they will postpone having children until the financial uncertainty of Brexit passes. Similarly, a quarter admitted that they would like to get married, but 7% will put off tying the knot.
Almost as many will be forced to delay getting on the property ladder (11%) as those who will continue to put a deposit down (17%).
READ MORE: Sterling slips as Brexit concerns weigh
Holidays
One of the hot topics around Brexit is how it will impact the freedom of movement and British citizens working and holidaying around Europe.
Despite half (47%) believing Brexit will make trips abroad more difficult, over a third (37%) aspire to go on more holidays in 2019. The majority (56%) think holidays will be more expensive as a result of Brexit, and findings by VoucherCode show the average couple will need to spend £987.50 to go abroad together in 2019.
However, this is a cost not worth paying for a third (36%) of Brits who said they will travel within the UK, where a couple will be required to spend significantly less at £574.10. This is highlighted by two out of five (40%) planning to go on multiple trips around the UK, compared to a third (34%) expecting to travel abroad more than once over the course of the year.
