Are you preparing for Brexit?

Nearly a third of Brits (29%) are.

Charlie Barton

by , Banking and Investments Publisher

It sometimes feels like all anyone has talked about over the past few years is Brexit. Whether you choose to follow all the latest developments or ignore them as much as you can, Brexit is not going away anytime soon and it has already had a big impact on things like the value of the pound.

We wanted to know whether Brits are preparing for Britain’s withdrawal from the EU, and it turns out that 3 in 10 (29%) are planning to take special measures ahead of Brexit. You can find out what steps they’re taking below.

Overview

It appears that some Brits may be fearing an apocalyptic scenario after we leave the EU, with stocking up on groceries the most common plan for Brits. 1 in 10 (10%) say that they will do this ahead of Brexit. This equates to over 5 million of us (and a lot of canned goods!).

People are also looking far ahead when it comes to buying presents. 5% of Brits will buy their presents for Christmas and birthdays before the leaving date.

Not everyone is purchasing more things in preparation for Brexit though. Nearly 1 in 10 Brits (9%) are already spending less on non-essential items, due to worries over how their disposable income will be affected.

Some people appear to be distancing themselves from Britain, with 1.6 million Brits planning to apply for another passport from an EU country. 1 million are taking this one step further and saying that they are actually planning to relocate to the EU in the wake of Brexit.

Good value holidays are the top priority for some Brits, with 1.7 million planning to get their flights to the EU booked before the withdrawal date and 2.2 million deciding to purchase a foreign currency ahead of this time. However, as previously revealed by Finder, over half of all Brits may end up going on less European holidays. 56% have said that they are considering UK staycations over EU mini-breaks.

Preperation Number of people making Brexit preparations % of population making Brexit preparations
Booking flights to the EU 1,703,109 3.25%
Buying foreign currency 2,174,739 4.15%
Booking an all-inclusive holiday 1,545,899 2.95%
Selling property (main home or other property) 1,152,874 2.20%
Moving to an EU country 1,021,865 1.95%
Booking a staycation in the UK 2,148,537 4.10%
Spending less on non-essentials 5,056,923 9.65%
Downsizing their home 1,074,269 2.05%
Releasing value from property 655,042 1.25%
Changing jobs 1,231,479 2.35%
Renegotiating salary 1,126,672 2.15%
Stocking up on groceries 5,266,536 10.05%
Buying presents in advance 2,541,562 4.85%
Getting an EU passport 1,676,907 3.20%
Getting married 917,059 1.75%

Generation Z is the most likely to make changes ahead of Brexit

Brits aged 18-24 are the most concerned generation when it comes to making plans for Brexit, with just shy of half of generation Z (43%) planning to take action ahead of Britain’s exit from the EU. Over 1 in 7, or 13% of generation Z, plan to cut down on essentials ahead of Brexit, while over 1 in 10 (11%) plan to stock up on presents.

In contrast, baby boomers are the least likely to make preparations, with 81% claiming that they won’t take any specific action ahead of Brexit.

Age Percentage
18-24 43%
25-34 38%
35-44 33%
45-54 29%
55+ 19%

Those in the West Midlands are the most worried about running out of food

Residents in the West Midlands are the most concerned about running out of food and presents, with nearly 1 in 6 (14%) planning to stock up on groceries and 1 in 10 (9%) buying their gifts ahead of Brexit.

Residents from the North East are the most likely to stock up on foreign currency (13%) and seek out a passport from an EU country, with over 1 in 14 (7%) planning to apply. They are followed closely by London and Northern Ireland, where over 1 in 20 residents plan to apply for a passport in the wake of Brexit.

Overall, those residing in the North East and Northern Ireland will do the most to prepare for Brexit, with over a third (37% and 36% respectively) planning to take action ahead of the new exit date.

Region Percentage
East of England 27%
East Midlands 27%
London 34%
North East 37%
North West 26%
Northern Ireland 36%
Scotland 32%
South East 26%
South West 30%
Wales 24%
West Midlands 31%
Yorshire and the Humber 24%

“This research shows that continued delays and uncertainty around Brexit are leading a significant number of Brits to take matters into their own hands and start making both small and major preparations.

“Some plans, like relocating to another country or gaining citizenship, are big undertakings that will need serious research and careful thought, but others are more straightforward. With many of us still set to travel to the EU over the next few years, it’s worth monitoring the pound’s strength against foreign currencies to make sure you book your trip or exchange currency at a good time. This Brexit exchange rate tracker shows the pound’s value alongside key Brexit events, to help explain how these events seem to have driven fluctuations in the sterling’s value.”

– Jon Ostler, CEO of Finder UK

Methodology

  • Finder commissioned Onepoll to carry out a nationally-representative survey of adults aged 18+.
  • A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
  • The research was conducted in April 2019.
  • Jon Ostler, CEO (UK) of finder.com is available for comment regarding the research.

For all media enquiries, please contact

Matt Mckenna
UK Communications Manager
M: +44 747 921 7816
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

Related articles

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site