Amidst political uncertainty and falling markets, 53 percent of Brits earning £40k or more fear a recession, whilst just 25 percent are worried about job security.
New research from Boring Money has found that 53 percent of British people earning more than £40,000 a year think that it is more likely that we will head into recession over the next two years than they did last week, compared to just eight percent who think that it is less likely. 39 percent thought there was no change or didn’t know.
Adding fuel to the intergenerational fire felt after Brexit, of these, 25-34 year olds felt the most pessimistic, with 58 percent fearing a recession.
Interest rates are the factor causing one of the highest concern, with 33 percent of respondents selecting this as an area of their personal finances which worried them, followed by the stock market, then pensions. Women were most likely to select interest rates as a cause for concern (42 percent) whilst men were most likely to be worried by the stock market. Cash savings were the cause for least concern.
Amongst the younger audience (25 to 34 year olds) interest rates were the highest cause for concern.
However, the uncertainty about the economic climate does not appear to have trickled through to job security, with just 25 percent of respondents feeling less secure about their job than this time last week. More than half felt there had been no change and only 9 percent felt more worried.
Holly Mackay, founder of Boring Money, comments, “The concern about the broader economic outlook is obviously significant. The economy does feel on the brink of a recession but it will be interesting to see how sentiment plays out. The worst thing we could do would be to talk ourselves into a recession. The stock market has arguably been resilient and there are few concrete factors which should slow the housing market. We’re working hard to try and explain what this means for people and to stop any panic or short-term moves.”
What does Brexit mean for you?
Based on the research findings, working mum of two, Holly Mackay, has put together a comprehensive video plus a series of shorter videos, offering straight-talking, jargon-free advice for ‘normal’ people on what to expect, tackling common concerns such as interest rates, housing, potential recession and the stock market. Click here to watch all the Boring Money’s ‘Brexit. WTF!?’ guides.
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Notes to editors:
- Boring Money carried out research on 27, 28 and 29th June 2016 via Gorkana Research, with a sample of 818 adults.
- Boring Money Founder, Holly Mackay, is available for interview or comment on what Brexit means for the pound in our pockets, covering issues such as interest rates, property, currency, ISAs, investments and pensions.
- For further shorter video footage follow links:
Stock Market: https://www.youtube.com/watch?v=90qhqW1iKLo
Mortgages: https://www.youtube.com/watch?v=0x0ELeJEw6w
Sterling: https://www.youtube.com/watch?v=2pdFjVnxzRg
There are seven videos in total on the Boring Money You Tube channel - Follow this link for more information on Holly; independent financial expert, commentator, entrepreneur and mum.
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