Over the last six months inflation has started to take a hold on the world economy. This has been brought on by issues with supply chains, the pandemic, and exasperated by the war in Ukraine.
We have seen UK inflation rise to 9.1%. Food and fuel are the main contributors, but when you consider a large amount of freight passed through Russia via rail from China, you can see why shipping costs have increased and low value items are finding it hard to get passage to the west.
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The Bank of England has recently increased interest rates to 0.75% in an attempt to tackle rising inflation in the UK which has reached a 30 year high. This means that the base rate is back to its pre-pandemic level, but what does it mean for both savers and borrowers?
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There are billions of pounds, currently, sat in bank and building society accounts earning nothing or very little and this has been the case for a number of years. Although these will not fall in value they can very much be eaten away by inflation.
Although emergency cash is very important to cover any unforeseen costs or a period of unemployment the amount that is available to deal with these situations is, for the most part, much more than is needed.
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A house can be a significant financial asset. However, most people don’t realise that with a little planning, their largest financial asset could be their pension. The following talks about saving early and sensibly for later life.
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Building your emergency savings up for a “rainy day” is important. However, how much should you be saving for this fund and what should it be for?
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