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Brexit making Brits go bonkers about banks and their bucks

by LLB Editor
28th Jan 20 9:16 am

As we draw closer to Brexit Day, new research today reveals that a fifth (20%) of Brits fear that their high street bank will go under following Brexit – that’s according to new research from Pepper, the 100% mobile challenger bank.

Ahead of the launch of its full report on the state of UK money management (released on Wednesday 8 January 2020), Pepper’s new research also reveals:

  • 4 in 10 Brits (38%) are anxious about the impact of Brexit on their savings/pension/mortgage
  • A third (31%) of Brits are concerned that if their bank moves headquarters in light of Brexit it will have a negative impact on them as a customer

Younger generations (18-24 and 25-34 year olds) are the most anxious about Brexit’s impact on their bank and bucks – 42% of 18-24 year olds fear that their high street bank may go under following Brexit, compared to just 7% of over 65s.

When it comes to country split, the regions that fear their bank going under following Brexit the most (in order of most to least) are:

  1. Northern Ireland (28%)
  2. South East England (26%)
  3. North England (19%)
  4. Scotland, Wales & South West, Midlands (all 18%)

In response to the survey findings, CEO of Pepper Michal Kissos Hertzog said: “Brits are feeling anxious about what Brexit means for their money.

“It’s never been more important for UK banks to be customer-obsessed. Those institutions that are truly digital can be more flexible, more adaptable and more scalable. As a result, they are set-up to keep their customers updated, help them to better manage their finances and be prepared for whatever changes ahead.”

“By focusing away from a profit and loss business model and towards customers, UK banks will win customer trust and support them through the Brexit storm.”

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