Brexit: 50% of North West say leaving the EU will seriously impact their financial decisions in 2019

Worries are growing in the North West as Brexit Day approaches.
Worries are growing in the North West as Brexit Day approaches.

Despite widespread support for the Leave campaign in the 2016 referendum, large swathes of North West residents have admitted that due to the realisation that Brexit will not be as positive as originally promised, leaving the EU will seriously impact their financial decisions in 2019.

As Brexit Day on March 29th nears, almost half of people in the North West have expressed concerns about the Brexit process and how it will impact their bank balance in the new year, with a new VoucherCodes.co.uk study one in 15 even going as far as to postpone buying a new car or property as a direct result of their lack of confidence in how successful leaving the EU will be.

As freedom of movement is heavily curtailed and the pound continues to perform weakly against the Euro, more than a quarter of people from the region say they will cut down on holidays in 2019 due to Brexit, with 47% believing Brexit will make trips abroad more difficult and almost 40% of people saying that they will not be travelling abroad at all in 2019.

With the vote for Leave being vastly more popular amongst older generations - 60% of those aged 65+ votes to leave compared to just 27% of those aged 18-24 - many young people have voiced their fears about the impact Brexit will have on their aspirations to travel while 43% of Generation X (those over the age of 45) say they will not be leaving the country.

The indisputable fact that Brexit will negatively impact both the economy and jobs in the UK has led to more than a quarter of millennials to admit they they are uncertain about what the immediate future holds. For 41%, their main aim for 2019 is just to be financially secure, while 25% have expressed concern that Brexit will lead to unemployment.

Far from the land of milk and honey, 50% of young people say they expect it to be harder to save money this year and plan to cut back as a result of Brexit - some even going as far as to rule out buying a home (11%) or starting a family (10%) as a result of the political and financial insecurity.

"The research has revealed a wave of uncertainty hitting the UK as a result of Brexit," said Anita Naik, Lifestyle Editor at VoucherCodes.co.uk. "Millennials will be particularly affected as financial insecurity will result in doubts over employment, as well as postponing huge decisions such as getting on the property ladder and popping the question."