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Nadia Sawalha

BRITS SET TO SPLASH £8.2 BILLION ON TIME WITH FRIENDS AND FAMILY AS BREXIT CHANGES HOW WE SPEND MONEY

• BREXIT FEARS WILL SIGNIFICANTLY INFLUENCE THE LIFE DECISIONS OF 73% OF BRITS

• UNCERTAINTY SEES UK ADULTS PRIORITISE SPENDING TIME WITH FRIENDS AND FAMILY AS LEISURE ACTIVITY SPENDING SET TO SOAR FROM £4.5B TO £8.2B

• FINANCIAL WOES EMERGE AS THE BIGGEST SINGLE INFLUENCE OVER MAJOR LIFE DECISIONS IN 2019

 

A new study of Brits reveals the extent to which our concerns for the nation’s landscape in 2019 will influence behaviour, with Brits set to invest more than £8.2 billion on time spent with their friends and families. 

 

In fact, as many as 73 percent of Brits say that worries and uncertainty over Brexit have drastically changed how they plan to spend both their time and money this year, with financial woes emerging as the biggest single influence over major life decisions in 2019.

 

The survey, conducted by Alton Towers Resort, found that three quarters (73 per cent) of Brits spend time with loved ones to distract themselves from the things they are worried about and in 2019, ‘happiness’ was identified as the most important goal for the year ahead (53 per cent), followed closely by ‘spending time with loved ones’ (43 per cent).

 

This was reflected in the spending forecast outlined in the findings, where 64 per cent of respondents predicted they will prioritise their financial spending on quality time with loved ones.

 

In 2018, British adults spent an average of £90 per month on leisure activities and this is set to almost double to £163 per month in 2019, equating to a whopping £8.2 billion across the UK, up 81 per cent on 2018’s £4.5 billion*. 

 

This is despite over half of those surveyed (52 per cent) admitting they will be spending less on luxuries for themselves this year and 75 per cent cutting down on traveling abroad for holidays due to financial concerns, with 16-29-year olds staying put after feeling the pinch the most (83 per cent). 

 

Key findings from the research also reveal:

• Young people expressed the most concern over Brexit uncertainties, with 84 per cent of 16-29-year olds admitting Brexit will influence their life decisions in 2019

• Personal finance concerns will mean 80 percent of women cut down on holidays abroad in 2019 versus 68 per cent of men

• Belfast (58 per cent), Oxford (54 per cent) and Edinburgh (53 per cent) emerged as the cities where Brits are feeling the most concerned about the impact of Brexit, while in Norwich, only one in five (21 per cent) of those surveyed expressed fears

• In Belfast and Glasgow, personal finance concerns were far higher, at 90 per cent and 82 per cent respectively

• Well over half of women (57 per cent) will be spending less on themselves due to economic uncertainties and in Edinburgh, 65 per cent of men and women

 

We are joined in the studio by Nadia Sawalha and Jasmine Birtles, who’ll be discussing how – whatever happens with Brexit – Brits are already changing their spending patterns.

 

Let's Talk: Brits set to splash £8.2 Billion on time with friends and family as Brexit changes how we spend money

A new study of Brits reveals the extent to which our concerns for the nation’s landscape in 2019 will influence behaviour, with Brits set to invest more than £8.2 billion on time spent with their friends and families.