Number of Britons worried about their finances is on the rise

Blog Insolvency

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The proportion of UK adults who have concerns about their personal finances has been steadily rising in the wake of the EU referendum, new research suggests.

A survey, conducted by insolvency trade body R3 and the polling company Comres, showed that Britons had generally become more pessimistic in the period since last June, when the vote was held.

Their research revealed that almost one in five UK adults believe their financial situation will deteriorate in the next six months.

On the eve of the referendum, “personal pessimism” had fallen to an all-time low as the economy gradually recovered from the effects of recession.

Now the uncertainty which has pervaded in many places over the course of the last nine months appears to be pushing the figure back up, although it is still at a far lower level than the nadir of 2011 – when many people were still suffering the direct effects of the credit crunch.

Mark Sands, the chair of R3’s personal insolvency committee, said: “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.”

“So far, in contrast to expectations, the continued consumer confidence across the UK since the vote has kept the economy buoyant – but pessimism seems to be creeping back in.”