Everywhere you look nowadays, there’s another stressor that’s contributing to the cost of living crisis. Inflation is at its highest level in thirty years, the price of petrol is sky-rocketing, as are retail prices, and most recently, energy bills are expected to double — something that will affect 22 million households in the UK.
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As a result, Chancellor Rishi Sunak has announced emergency financial support designed to help offset some of the rising cost of heating bills this winter, with the relief expected to hit taxpayers’ accounts this October. But for some, this support won’t even make a dent in the extra costs they’re being hit with and many of the working age public are being forced to choose between saving and surviving, which is not much of a choice, making saving for the future a luxury at the moment.
Navigating the cost of living crisis
UK households were already under pressure while trying to recover from the worst of the pandemic fallout and a good portion will still struggle to make any progress with short-term savings, but it’s important to remember to save for the future. As long as you can still afford it, it’s best to keep up regular contributions into your pension and any other long-term retirement savings plan you have in place.
Of course, groups of people that have a longer wait for retirement are better placed to be able to recover from this economic uncertainty, but those nearing retirement age face a whole slew of issues as they try to stay on track financially.
Unfortunately, there are very few who are comfortable financially right now and able to afford to contribute to their pensions. If you can continue with your contributions, even if you’re only contributing the minimum, every little bit will help when it’s finally time to retire.
Need help achieving your financial goals?
If you want to ensure you hit your short and long-term financial goals, don’t be afraid to get help. Dental & Medical Financial Services offers a holistic approach — we ensure every area of you finances work together so you can meet your goals, no matter when you’re trying to reach them. To find out how we can help, get in touch today.