Insurer unveils Brexit fallout plan to ‘take back control’ of your finances

HOUSEHOLDS are being advised to take some simple measures to ensure their personal finances are shielded from any Brexit fallout.

Financial experts say the stock market is likely to be volatile and sterling will come under further pressure as Theresa May faces huge obstacles ahead, notably getting Parliament to rubberstamp the Brexit agreement she hopes European Union leaders will approve today.

Mutual insurer Royal London has come up with a sixpoint plan that it says should enable households to ‘take back control’ of their finances, irrespective of the Brexit outcome. Becky O’Connor, the group’s money expert, says: ‘It is all about a common sense review of the deals you are on and the products you hold.’

She says spending and savings need to be scrutinised. Householders should check whether they can cut their mortgage costs by switching to a more competitive deal. They should also ensure they are always on the cheapest energy tariff by using an automatic switching service offered by companies such as Switchd and Look After My Bills. On the savings side, households ideally need an ‘emergency’ fund in place just in case of an unexpected eventuality – equivalent to least three months of the main breadwinner’s salary. Savings should also be earning the best rate of interest – websites such as Savingschampion.co.uk and Moneyfacts.co.uk can help.

Meanwhile those on the cusp of retirement looking to extract income from a pension should take financial advice.

A poll by Royal London indicates that nearly one in three people believe their finances will get worse after Brexit.