Kirsty Anderson

Business Development Manager

Class of 2017: Brexit uncertainty impacts retirement planning

26 April 2017

  • More than one in four planning to retire this year fear that Brexit will have a negative long-term impact on their retirement finances
  • But two out of three say EU referendum result has had no impact on retirement plans
  • Prudential’s Class of 2017 research finds that one in five of this year’s retirees are more likely to seek financial advice, as a direct result of the Brexit vote

The Brexit effect is creating uncertainty among people planning to retire in 2017, with more than one in four (27 per cent) of this year’s retirees worried the decision to leave the EU will negatively impact their finances in the long term, according to the latest research by Prudential1.

Prudential’s unique research, which has monitored the financial plans and aspirations of people planning to retire in the year ahead is now in its tenth year. Its Class of 2017 research provides a snapshot of the views of people retiring this year, as the UK starts the process of leaving the EU. It found that, for one in three (33 per cent) of the Class of 2017, the result of last June’s referendum has impacted their plans for retirement.

One in nine (11 per cent) of those who had planned to retire in 2017 have now changed their retirement date as a direct result of the outcome of the referendum. In fact, more than one in every 20 of this year’s retirees (six per cent) have actually changed the country they had planned to retire in including some, who had always planned to stay in the UK, now looking at options to move overseas.

However, two thirds of people planning to retire in 2017 (67 per cent) say that the vote to leave the EU has had no impact at all on their retirement plans, and one in eight (12 per cent) believe that leaving the EU will be good for their long-term finances in retirement.

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