Brexit uncertainty: Report reveals British households are worried about finances

24 August 2016

The uncertainty caused by Brexit has increased monetary concerns in British households, according to this month's Greene King Leisure Spend Tracker. Following June's vote, 33% of respondents say they are worried about their finances, expecting their household's financial situation to be worse off this time next year – tightening the reins on disposable income.

The news is quite the contrast to Coffer Peach Business Tracker's latest figures, which showed Brexit hadn't slowed down people's eating and drinking out habits so far.

Households without kids are spending 9% less on drinking out
Households without kids are spending 9% less on drinking out

The new figures, released today, show that households without kids have been spending 9% (£4) less on drinking out month-on-month and remain stable year on year.

But, it's not all stay-in doom and gloom, as households with kids are boosting their spending by 32% (£14) month-on-month and 39% (£57) year-on-year. This decrease in spending from childless households could be explained in the figures, with 62% of 18 to 24 year olds and 53% of 25 to 34 year olds expecting the economy to decline.

Despite household's financial concerns, spending on eating out has continued to perform strongly with an 8% increase year-on-year and a 3% increase on June. The June increase was supported by a 19% (£17) increase in monthly spending by households with kids, mainly down to the school holidays.

The increase in spend on drinking out in many households with kids has seen other leisure's share of spend mix fall by 7%, with London and the south east's leisure spend falling by 6% year on year.

Only 8% of respondents to the survey had hope for their financial situation, expecting an improvement in their prospects. Again, this is especially true amongst younger adults, with 35% of 18 to 34 year olds admitting to be worried about their future finances.

Despite the fact that economists debate the likelihood of the UK entering into another recession, the latest figures show that despite eating-out spend increasing, 41% of participants would expect their personal finances to worsen.

Commenting on the tracker, Greene King Group marketing director Rob Rees said: 'This month's Greene King Leisure Spend Tracker reveals that the uncertainty created by Brexit is worrying Brits of all ages. The impact of Brexit on personal finances is a concern but, in fact, UK adults are more pessimistic about the prospects of the wider economy and the potential threat of recession later this year.'

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