Brexit fears put spending on hold

Millions of consumers rein in household finances due to Brexit fallout fears

(Getty Images)

More than a fifth of British adults are delaying major purchases including property, cars and holidays until the impact of Brexit becomes clearer. Half of UK adults expect the cost of living to rise post-Brexit and 40 per cent are worried about in impending recession, according to new research by Gocompare.com.

Nearly half feel they will be worse off as a result of the referendum vote, and another fifth are concerned about their children's financial prospects, prompting a third of the population to immediately rein in their spending, save more and pay off debt faster.

“Post Brexit the UK now faces an uncertain future and in the immediate aftermath of the referendum result it’s impossible to accurately predict the full consequences of the decision to leave," says Matt Sanders of Gocompare.com.

"Our survey suggests that many people don’t feel confident about the financial future of the UK therefore, it’s no surprise that some people are cutting back their spending and are looking to weather the potential storm by increasing their savings."

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