Brexit day is edging ever-closer and there are just weeks now until the UK’s scheduled exit from the EU on March 29th, but there is no reason to start panicking with your finances.
Research by Royal London found 35 % of Brits think their personal finances in general will get worse once the UK leaves the EU.
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 the worst for their money, with 93% expecting the cost of food to go up, the survey found.
There may still be uncertainty over the type of deal the UK gets, if any, but short term rash financial decisions can be harmful.
After all, UK politicians have spent two years negotiating how to leave the EU, with little clarity, showing how big decisions can take time.
That is also an argument for not rushing and panicking with your finances.
investing is a long-term game so you shouldn’t worry too much about what is hopefully temporary political uncertainty.
In the mortgage market, people will still need places to live and you will still age so will need to think about pension planning.
Life won’t stop on March 29th, it will just feel a little different.
Speak to your financial adviser if you want help sorting your finances or have any concerns about how your portfolio and pocket could get hit by Brexit.
- The value of an investment and any income from it can fall as well as rise and you may not get back the original amount invested.
- Past performance is not a reliable indicator of future performance and should not be relied upon.