Money
How does inflation affect my savings
When inflations rises with the cost of living it can be difficult to make your savings count, there are ways to keep on top it the changes and protect your funds.
The Impact of Inflation on Your Savings
Inflation measures the rate at which prices for goods and services increase, leading to a decline in the real value of money. For example, if inflation in the UK is 3% annually, what costs £100 today will cost £103 next year. While this increase may seem small, over time, it can significantly erode your savings.
Inflation is currently at 2.2% after the latest rise in August, the first rise of the year.
Inflation is predicted to rise further before falling again. The Bank of England is set to make their announcement on the base rate later this week and with inflation rising, could this mean another increase since their latest drop to 5%?
Consider a UK savings account offering a 1% interest rate. If inflation is 3%, your real return is actually negative—your money is losing 2% of its value each year (1% interest – 3% inflation = -2% real return).
Even though your bank balance might grow slightly, the purchasing power of your savings decreases, meaning your money buys less.
Find out more about how inflation works and what it means.
Protecting Your Money from Inflation
Use this money saving help to protect your savings from inflation and make your money go further.
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