Brits, Personal Finance & Brexit

Brexit analysis by leading data analytics company SEMrush, out today, reveals a surprisingly low number of the UK public have been considering the potential impact of Brexit on their personal finances.

Since the 2016 Referendum, only 0.06% of the population have searched for information online on how the nation’s departure from the European Union may affect their personal finances. The highest volumes of searches barely breaking in to the thousands.

In its breakdown of the main personal finance products Brits have searched for in conjunction with Brexit online, the most frequent search term was interest rates. This rated most highly for any personal finance search term every month since the 2016 referendum, peaking at 12,100 in June 2016 and 880 in the most recent analysis (February 2019).

Additional findings include:

  • “Brexit interest” search rates peaked at 12,100 in June 2016 and was lowest in August 2017 with 110 searches
  • “Travel insurance and Brexit” increased by 2833% between July 2018 and February 2019, having had zero searches before this
  • There has been a fourfold increase in searches for Brexit and insurance since June 2018, rising from 70 to 320 in February 2019
  • “Loans and Brexit” had very low search results, averaging just 4 searches per month since the vote
  • “Savings and Brexit” fared little better, averaging only 12 searches per month and hardly topping 20 searches at any point since June 2016

The search trend analysis showed that online search frequencies dipped significantly following the June 2016 Brexit vote, and remained low month on month throughout 2017 and into mid-2018. However, since June 2018 there has been a gradual increase in searches for financial planning related terms. This suggests that people are just now beginning to investigate how the departure from the European Union will impact their household finances.

One notable finding is Brexit’s impact on travel insurance, which was originally very low down on the public’s priorities. Following a number of campaigns on the issue and especially how EU travel will function without certainty around access to the EHIC (European Health Insurance Card) programme, Google searches on travel insurance and Brexit have recently reached a peak in Feb 2019 at 880.

Olga Andrienko, Head of Global Marketing at SEMrush says: “Looking at the volumes of internet searches around Brexit and people’s most commonly held personal financial products shows that many people have been largely unconcerned about the individual financial impacts of leaving the European Union, until the 29 March deadline date began to get much closer.

“The fact interest rates is the most commonly searches for term in conjunction with Brexit reflects Britain’s national obsession with their house prices – but it doesn’t seem to have translated directly into looking into the potential impact on their mortgages, credit card interest or personal loans. It is however clear that there is a growing appetite for information around the potential impact of Brexit on personal finances as the country’s departure from the EU clarifies.”