British adults’ personal finance pessimism on the rise since Brexit vote

Study finds

The share of British adults concerned about their future financial health has been slowly but steadily increasing since June 2016, according to a new survey of over 2,000 British adults by insolvency and restructuring trade body R3, and ComRes.

Almost 1 in 5 (19 per cent) British adults think their personal financial situation will worsen over the next six months, up from 16 per cent in September 2016 and 14 per cent in June 2016.

June’s survey – conducted just before the UK voted to leave the EU – found personal finance pessimism at a record low, having fallen from a post-recession high of 43 per cent in February 2011.

This pessimistic view towards personal finance is now at its highest level since February 2014.

Mark Sands, chair of R3’s Personal Insolvency Committee and a Partner at Baker Tilly, says:

“The increase in the number of British adults who think their personal financial situation will worsen in the next six months is small but could be the first signs of a shift in attitudes towards personal finances. The changes coincide with the period of rising inflation – and falling real wage growth – we have seen since June’s referendum and the pound’s subsequent slump. Increases in the cost of fuel from last year, which have been exacerbated by the pound’s woes, may have had an impact, too.”

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