Tariffs putting Britons off investing in equities

Key takeaways

• Just over a third (36%) of Britons who have heard of the tariffs are less likely to invest in stocks and shares, while only 12% say they are more likely to
• Three in ten (30%) say they are more likely to save in cash as a result of the tariffs, compared to 10% who say they are less likely to
• One in seven (14%) say tariffs mean they are more likely to withdraw from existing investments, while 17% say they are less likely to

Data from YouGov’s new Tariff Tracker finds that Britons say they are less likely to invest in stocks and shares, and more likely to save in cash as a result of economic turbulence in the wake of the USA imposing tariffs on imported goods.

Almost all (93%) of Britons say they have heard of the tariffs announced by President Trump, and then by other countries in retaliation. YouGov asked those who had heard of the tariffs about the financial actions they planned to take as a result.

Just over a third (36%) say they are less likely to invest in stocks and shares, while only 12% say they are more likely to do so. More than four in ten (43%) say the tariffs won’t change the likelihood of them investing in equities and 10% don’t know.

Will Ullstein, UK CEO of YouGov, said: “Our Tariff Tracker data shows that people are less likely to invest in equities and more likely to keep their savings in cash-based accounts in the wake of the ongoing global economic uncertainty. While this may make sense for some individuals, the implications for financial institutions could be notable.”

Britons who have heard of the tariffs say they are more likely to save money in a cash-based saving account as a result. Three in ten (30%) say they are either somewhat more likely or much more likely to save in cash, compared to 10% who say they are somewhat less likely or much less likely to. Half (50%) say neither and 10% don’t know.

Britons who are aware of the tariffs are not currently showing a significant inclination to withdraw from existing investments. One in seven (14%) say they are more likely to do so, but 17% state they are less likely to. Half (53%) have not changed their perspective and 15% don’t know.

Ullstein said, “The asset management industry will need to monitor Britons’ attitude shift, and we will be closely watching future waves of this poll to see if the trend continues.”

Methodology:

Total sample size was 2,111 adults. Fieldwork was undertaken between 24th - 25th April 2025. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

Photo by Markus Winkler on Unsplash