According to Aegon’s most recent health and wealth tracker survey, conducted among more than 1,500 consumers, there’s an overwhelming concern about the economic implications of Covid-19 and Brexit.
Only 6% of people think that the two events aren’t of significant concern over the mid to long term, while 40% don’t distinguish between them in terms of the harm they would cause to the economy. While the spotlight is dominated by the impact that Covid-19 is having, surprisingly, 11% think the fall out from Brexit will be more severe that the pandemic. Of course, some will see Brexit as a positive.
As we turn the corner into winter, the outlook is particularly gloomy. Many have already been struggling with their finances, but as furlough and coronavirus mortgage payment holidays come to an end, the situation is looking ominous, leading to nearly 2 in 5 (37%) thinking their personal financial situation will get worse over the next six months.
Steven Cameron, Pensions Director at Aegon, said: “The Covid-19 pandemic has caused unprecedented levels of concern not just over people’s health but also their wealth, with a spreading realisation of the adverse impacts on the UK and worldwide economies as we face up to a second wave. While Covid-19 has dominated the headlines, the UK also faces the additional economic uncertainty of Brexit, in whatever ‘deal or no deal’ form it may take. Our research shows that as we move into winter 2020, the vast majority of people (94%) have significant concerns over at least one of these. Brexit is seen as an even greater concern that Covid-19 for 11%, with 40% viewing both as equally concerning.
“There’s a great deal of hope being pinned on Covid-induced as well as Brexit uncertainty melting away by spring 2021 with a better economic outlook emerging for the UK.”
*The 1,522 respondents who took part in this study were recruited through Aegon’s customer and consumer panels. Fieldwork was undertaken in September 2020.
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