Fears personal worth will fall post-Brexit

Fears personal worth will fall post-Brexit

British people feel Brexit will have a detrimental impact on all their personal assets, according to a report.

The report, issued by insurance expert LifeSearch, found following the EU-Referendum, one third of people think their assets will decrease in value.

According to the research, the average British person values their estate at around £271,000.

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This takes into account the value of property, investments, cars, salaries, and other assetts, while also including time spent caring for children or parents.

More men than women believe their personal worth will decrease in value (36 per cent to 29 per cent) while those in their 30s are most pessimistic about the post-Referendum state of affairs.

Nearly a fifth feel their job prospects or salary will reduce as a result of the vote, again reducing their overall personal worth.

Those who are employed full time are most negative about their future stability and earnings, with 25 per cent feeling that Brexit will negatively harm their situation.

The LifeSearch report found those regions that were most pro-EU such as London and Scotland, feel their jobs will be negatively impacted the most, while just 15 per cent in Wales are concerned.

Emma Thomson, head of customer care at LifeSearch said: “Clearly many people are worried about the impact that Brexit will have on their overall worth as well as jobs, although the bright point is that people tend to be more focused on non-monetary goals to make them happy.

“It is reassuring to note that people value ‘intangible’ things that are evidently a great source of happiness in times of uncertainty.”

People value themselves by adding up their total assets, less any debt.

Those in London value themselves the most, believing themselves to be worth £558,141 in total, whereas those in Scotland, valued themselves to be worth less, at £204, 417. The difference is in part due to higher house prices and salaries in the capital.

The same research also found that 57 per cent of people don’t have any life insurance in place and, for those that do, the average amount is just £106,000, less than half the amount people value themselves.

Ms Thomson says: “Not having an appropriate level, or any life cover or income protection in place, can be catastrophic if people become too ill to work or pass away before retirement. We’d urge people to seek specialist advice to ensure their financial future is adequately protected”.