Majority of Scottish adults’ personal finance confidence unaffected by Brexit vote – R3

Over half (56 per cent) of Scottish adults say they are neither more pessimistic nor more optimistic about their personal finances following the UK’s vote to leave the EU, according to new research by insolvency and restructuring trade body R3.

However, the R3/ComRes survey found that one-in-three Scots (31 per cent) say they are more pessimistic since the referendum, among the highest in Great Britain, compared to 14 per cent who say they are more optimistic.

Eileen Blackburn, chair of the Scottish Technical Committee of R3, said: “Despite the commotion and commentary around the outcome of the vote, for most individuals the decision to leave the EU has not made them any more or less pessimistic about their personal finances. While we wait to see what form ‘Brexit’ will take, the day-to-day cost of living will likely be weighing more heavily on people’s minds.

“However, the pre-referendum warnings about the consequences of ‘Brexit’ look like they are still playing on the minds of a sizeable proportion of the population, particularly in Scotland.”

Across Great Britain, younger adults (18-24 year olds) are twice as likely (40 per cent) to be more pessimistic since the vote to leave compared to 55-64 year olds (20 per cent).

Ms Blackburn said: “It was reported that the younger generation were the least likely to vote in favour of the UK leaving the EU so it’s perhaps not surprising that they are most concerned about the impact.”

Those who are extremely or very worried about their debt are more likely to be concerned about their finances following the vote to leave the EU (47 per cent) than those who are not at all worried (18 per cent).

Ms Blackburn added: “The general sense of uncertainty that the decision to leave has brought will be particularly unwelcome for those who were already concerned about their finances. While it’s easier than ever to borrow cheaply, there isn’t the same sense of stability about what will happen down the line to the UK economy which makes planning future repayment more difficult.”