The Joy of (Finally) Winning: Brexit and Subjective Wellbeing

We study the effects of political victory and defeat on subjective wellbeing using the case of the UK referendum on EU membership, where the UK voted on 23 June 2016 to leave the European Union. Using longitudinal UK panel data from 2009-2023, we compare Leave and Remain supporters across three phases of the referendum process: anticipation, negotiation, and implementation. Directly before and following the outcome of the vote, Leave voters reported relatively higher wellbeing compared to Remain voters, with this wellbeing advantage being especially prominent after the formal implementation of the referendum in 2020. Differences are observed across indicators of both psychological and economic wellbeing. The effects are particularly pronounced among men, older adults, low-income individuals, the self-employed, and those with local minority political views. The findings suggest that in polarized democracies, psychological and economic wellbeing are shaped not only by objective financial realities but also by political identity and emotional attachment.