A massive 37% of over 50s think the UK will end up with ‘no deal’ Brexit and fear the rising cost of living and pension values falling.
SunLife quizzed 1,000 over 50s earlier this month and found that their top concern about Brexit is the cost of living. This was followed by fears over their pensions value falling.
Their third top worry was EU workers leaving vital services such as NHS. This was followed by concerns of the impact Brexit may have on their children and grandchildren’s future.
Ian Atkinson, SunLife marketing director, said: “While over 50s – like the rest of the UK – remain divided on Brexit, money seems to be the main concern for both in a post-Brexit world, with the value of pensions falling, houses prices falling and the cost of living rising all top concerns for both sides of the debate.”
Commenting on the concerns, Daniel Elkington, chartered financial planner at MT Financial Management, said: “All my clients are worried about the impact on their plans. I keep saying that investing is about time in the markets and not timing the markets. My preferred exercise is to point to 1994 in today’s context, if you look at historical collapses of markets, they were hugely significant at the time, but now look like a minor blip in market returns.”
The data also found that 32% think the UK will agree a deal of some sort before leaving the EU. However, almost half think the March 29 deadline will be extended, with 46% saying they think Brexit will be delayed.
Of the 53% of respondents that voted leave in 2016, 87% would vote the same again, 7.2% would change their minds and vote remain, while 6% wouldn’t vote. Of the 42% that voted remain, 82% would still vote remain, but 16% would now change their minds and vote leave.
Aamina Zafar is one of the UK’s leading financial journalists. She has previously worked as a senior reporter at FT’s Financial Adviser. The award-winning journalist writes regularly on the IFA community, mortgages, pensions and financial regulation.
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