In the 12 months to March 2022, the rate of inflation was 7%.
In simple terms, inflation means the cost of goods rise. The higher the rate of inflation, the quicker prices are rising. It can affect your day-to-day budget and your long-term wealth.
“Inflation is taxation without legislation.” – Milton Friedman, American economist, statistician, and recipient of the 1976 Nobel Prize in Economic Sciences
More than a fifth of people say the rising cost of living is the biggest threat to their personal finances in 2022. So, this guide can help you understand why inflation is an important consideration when making plans and what steps you can take to reduce the effect. It covers:
- How the rate of inflation is calculated
- Why the rate of inflation is higher than normal now
- Whether the value of your assets has kept pace with inflation
- Why inflation can mean your savings fall in value in real terms
- How inflation can affect your spending power in retirement
- And more…
Download “Your guide to inflation and how it can affect your wealth” to find out more about inflation and what it could mean for you.
If you have any questions about how inflation could affect your financial plan, please contact us.