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Personal Finance

26% of public think Brexit will have a major impact on their personal finances

26% of public think Brexit will have a major impact on their personal finances
Conor Dever

Conor Dever

Staff Writer

Recent research carried out by bonkers.ie in conjunction with RED C reveals the extent to which people feel Brexit will impact on their finances.

The research gives us an insight into the minds of the public ahead of the UK's departure from the European Union. And the findings make grim reading for those who’d hoped that things would be fine.

It seems that 26% of us, or over one in four, think Brexit will have a major impact on our personal finances with a further 38% saying it will have a moderate impact. In general, those living in rural areas are more worried than those in urban areas.  

The research is further borne out by recent surveys which show that consumer sentiment has fallen sharply in recent months, which points to ongoing worries from the public about the Irish economic outlook.

Uncertainty

One of the more fundamental truths of Brexit is that it has been an exercise in uncertainty. From the vague language of the referendum, to the unknown implications for the border, to the question still remaining after three years: what exactly did the UK mean when it voted to leave?

Given all this uncertainty, it's perhaps unsurprising that 16% of the public, or close to one in six of the people we surveyed, said they simply didn't know what impact Brexit would have on their finances.

However, luckily for 20% of people, Brexit will only have a minimal impact on their finances according to the research.  

Brexit fatigue

At this stage it seems like it's not just the public who are beginning to suffer from Brexit fatigue. Scenes from Westminster have been getting more and more dire with some MPs even complaining about sleep deprivation and stress.

This has led some to worry about the UK sleepwalking into a no-deal Brexit, which would be the most damaging result for Ireland and be sure to impact our economy, and people's finances, most negatively.  

However the good news is that the EU has agreed a new Brexit deadline of Halloween, so there is still time to get a deal over the line. 

Q. Thinking about the impact of Brexit, how much impact do you feel it will have on your personal finances?  All Ireland Rural
Major impact 26% 32%
Moderate impact 38% 37%
Minimal impact 20% 15%
Don't know 16% 16%

Worried about your own personal finances?

That's why we are here.

Whatever Brexit throws at us, remember that you can save money on all of your household bills just by switching, and you can get the best personal finance tips right here on the bonkers.ie blog.

Every day people overpay because they’re under the impression that their loyalty is being rewarded. In the lead-up to Brexit it’s more important than ever that people switch and save to ensure their money is working as hard as they do. So get switching to make a saving today!

Get in touch

How do you think Brexit will affect your own finances? Get in touch and let us know your thoughts.

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