UK Inflation Eases – Personal Finance/Consumer Experts React
These quotes offer insights into the impact of UK Inflation, particularly for those nearing retirement. The speakers emphasize the need for businesses to support consumers during a time of high inflation and offer solutions for individuals to future-proof their finances. They also highlight the importance of finding the best savings options amidst rising interest rates and high inflation.
Andrew Megson, CEO of My Pension Expert, said: “The light at the end of the tunnel might be getting a little brighter, but it would be a mistake to consider this easing as a genuine comfort to struggling Britons. Prices are still climbing at a dramatic pace, which is putting great strain on people’s finances. And those nearing retirement are among the hardest hit, with many feeling forced to abandon their plans to exit the workforce – 44% of over-55s in work now believe the cost-of-living crisis has rendered retirement impossible, My Pension Expert’s latest research revealed.
“Jeremy Hunt has indicated that the best way for over 55s to future-proof their finances is to return to work. But hard-working Britons deserve to make their own decisions about their future, without feeling pressured by the government.
“Inflation is likely to pose challenges people’s finances for the foreseeable future. However, the those aged 55 and over needn’t assume that remaining in or returning to work is the only solution. Those concerned about their plans ought to seek help from an independent financial adviser, who will help them make informed choices and identify the best approach for their unique financial circumstances. Such support will provide a much-needed boost of confidence that retirement is within reach, despite a turbulent economic climate.”
Mohsin Rashid, CEO of ZIPZERO, said: “Let’s not get distracted by the small dip in the rate of inflation. By any standards other than those we have become rudely accustomed to in the second half of 2022, prices are still rising at a painful level.
“Similarly, yesterday’s news that wages in the UK have increased more than expected was positive, but salary growth is still overshadowed by inflation. We cannot be blasé or settle for such minor and inconsequential movements. Something has to change.
“With soaring prices in energy and food, UK consumers are more than paying their fair share. After months of high inflation, personal finances are close to breaking point, household budgets have little room left for manoeuvre, and essential items are having to be sacrificed. Businesses, especially energy companies and retailers, must search for new ways to support consumers or expect louder cries for windfall and price-capping measures.”
Andy Mielczarek, Founder and CEO of SmartSave Bank, a Chetwood Financial company, said: “Inflation is heading in the right direction, but at such a slow pace that few will be celebrating. Prices are still rising at nearly 40-year highs, squeezing people’s finances and making consumers carefully consider how they can make their money work harder.
“Rising interest rates, the Bank of England’s primary weapon for combatting inflation, have at least created fresh opportunities for people who are in a position to put aside a lump sum and allow that pot to grow. What’s absolutely vital, though, is that consumers find the best option for them; this will likely be a matter for how much they are willing to put into a secure, fixed-term savings account and for how long. Further, they ought to do thorough research to find the best savings products out there, which means looking beyond the high street banks and their existing financial services providers.”
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