The effect of the Brexit referendum result on subjective well-being*

We study the effect of the Brexit referendum result on subjective well-being in the United Kingdom. Using a quasi-experimental design, we find that the referendum’s outcome led to an overall decrease in subjective well-being in the United Kingdom compared to a control group. The effect is driven by individuals who hold an overall positive image of the European Union and shows little signs of adaptation during the Brexit transition period. Economic expectations are potential mechanisms of this effect.