Most Britons remain committed to saving their money in current accounts, regardless of the outcome of Brexit, says a financial investment expert.
A potential No-Deal scenario - which in simple terms would see the UK walk away from the bloc without benefits relating to trade, borders and freedom of movement - has caused some businesses to start looking at moving operations abroad.
But new research, conducted by financial analysts, has found that while big business and governments are impatiently becoming jittery in light of their future, the average Briton remains unmoved by the outcome of the UK’s exit from the EU.
The survey was conducted in August for BondMason by market research agency DRG, who interviewed more than 1,000 UK adults holding more than £25,000 of savings or investments.
The report stated: “A key finding was that only a small percentage of investors were worried by siren warnings over Brexit, but many remain stuck in a malaise over where to keep their money.
“But despite being uncertain about different financial products, most are unwilling to speak to financial advice professionals who can help them plan their investment strategy.”
Stephen Findlay, BondMason CEO, told Express.co.uk that despite being uncertain about different financial products, the majority of UK residents were willing to stick to their current savings plans.
But it is more than just "lethargy" driving people to rebuff personal investment opportunities.
Mr Findlay said: “We’ve been investing in the space for more than three years and we’ve invested over £40 million. We have delivered our clients positive returns.
“But our findings led us to see how people are thinking of saving – especially with the continuing negative barrage of headlines relating to Brexit.
“What we found is those making investment decisions are not being held back by the uncertainty in the UK, despite the negative deluge of headlines.”
Mr Findlay pointed out that from the feedback received by the survey, there were three main factors in keeping the average Briton from moving their money out of the bank and into active investments.
“Because of the climate caused by Brexit, we thought there may be lots more reluctance to make investment decisions.”
“Firstly, a lack of credibility among predictors from both camps who have come out and created those headlines – most of them are within the Remain camp, so their comments don’t stand up in light of their negative rhetoric.
“Secondly it’s the white noise we spoke about – the same headlines and the same scaremongering again and again - and people are turning against it with an increased lethargy.
“But thirdly, it’s the good old British idiom of rolling your sleeves up and making the most of a situation. It’s a particularly British mentality.”
When asked about scaremongering over the impact of the UK’s terms of exit from the EU, Mr Findlay said that savers and potential investors were not thinking of moving their money into offshore accounts as it was a move that would have disastrous consequences for the country overall.
“We didn’t see a trend of people moving money offshore, let alone in different currencies.
“But I think what is clear is this new normal position we find ourselves in, regardless of Brexit. If you have your money in a bank account earning 0%, you could lose 10-12% of your wealth by doing nothing.”
With Bank of England interest rates hitting 5 percent, inflation will continue to be around 2percent-3percent, regardless of poor economic circumstances post-Brexit.
Mr Findlay said: “People are losing money and wealth by keeping it in a bank account. Of course, there is reason to keep money in the account, to pay bills, to live on money and to fund the day-to-day of daily life.
“But because of the current climate, it’s not the best decision. The combination of low interest rates and high inflation means people next to make decisions about investing - you can’t just rely on returns slowly.
“People should speak to wealth advisors - don’t get greedy, don’t try to get rich quick.
“But by investing, you try to create something where your money would work harder - so you don’t have to work so hard in the future.“
Warning: Nothing in this article should be construed as advice. Your capital is at risk.