Families have Brexit money concerns

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Nearly half of households are concerned about the impact that potentially leaving the EU could have on their finances, a report has found.

Research from savings and Isa provider Scottish Friendly found that 45 per cent of households are concerned about how a vote to leave the EU might affect the cash in their family’s pockets.

Nearly one in five of those surveyed said they are “very worried” about the outcome of the EU referendum on June 23, according to the report - which was also compiled by think-tank the Social Market Foundation.

Fears over the possibility of rising prices, job losses or changes in labour market protections and the impact on the stock market were common concerns, the research found.

Young people were found to be particularly anxious about how leaving the EU might affect their household’s finances, with nearly two-thirds of 18 to 24-year-olds expressing concern, compared to just 36 per cent of over-55s.

Calum Bennie, a savings expert at Scottish Friendly, said: “Uncertainty caused by the forthcoming EU referendum is also leaving many UK families feeling concerned.”

The Social Market Foundation said it does not have a corporate position on whether or not the country should remain part of the EU, but it has acknowledged that previous research it has compiled on the issue may be more useful to supporting arguments from the Remain side than Leave campaigners.