You don't need me to tell you that, but there has been some alarming news from Prudential that indicates how 'worse off' we really are. According to them our cost of living is going up some 44% faster than the Retail Price Index. 44%!!
Apparently this is because we spend a lot more of our available income on things that are rising much faster than the inflation rate. Things like fuel and food.
Anyone with extra savings held in cash is likely to be worse off by £278 over the next 12 months as their spending power is reduced by increasing inflation and ridiculously low interest rates. And this is relates to the average savings pot of £19,664, so if you have more than that in savings you're be losing even more spending power.
Pensioners on fixed incomes are suffering disproportionately to the working population and facing higher levels of inflation according to the Pru.
Don't we know it.
Time to take another look around the Retirement Revenue site and get some ideas for trying to make up the difference.
Be well.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment