Over a third of UK citizens think that their personal finances will worsen post-Brexit

Over a third of Britons expect that their personal finances will worsen after Brexit. An increase in prices of food and energy bills combined with the fall of the pound are among some of the top concerns for British consumers, with 93% of consumers expecting prices of food to increase. Additionally, another 27% believe that their income is at risk of falling.

A rise in the cost of food, a fall in the value of the pound and an increase in the cost of energy were the top three biggest concerns among those fearing for their cash, with 93 per cent – approximately 16 million adults – expecting the cost of food to go up, the survey found. Others fear a rise in the cost of borrowing and the cost of housing, while another 27 per cent believe their income could fall, according to the research by YouGov for mutual insurer Royal London.

Around 4 million people have already made changes to their personal finances specifically because of uncertainty around Brexit, mostly by reducing their spending, increasing their savings and a quarter who have chosen not to go on holiday this year. Of those who had made changes, 63 per cent said they had reduced their spending, 46 per cent had increased their savings and 27 per cent had chosen not to go on holiday this year.

One in 10 people, including around a quarter of those in their 50s, has even said they have put off retirement as a direct result of Brexit uncertainty.

Find the full article here: https://www.independent.co.uk/money/spend-save/brexit-personal-finance-worse-trade-income-rising-living-costs-budget-a8813296.htm