Date Published: 30/05/2022 08:29
The cost of living crisis will have myriad repercussions on all our lives - and Chancellor Rishi Sunak recently announced a raft of measures to help alleviate this situation. Future Life Wealth Management's independent financial planner Emma Baumback casts her eye over what's unfolding - and issues a clarion call to not overlook the importance of pensions...
PUTTING money aside for the future is one of the most fundamental principles of good financial planning.
But with inflation at a 40-year high, and expected rise even further over the coming months, countless families and households are struggling to keep pace with the rising costs of energy bills, fuel and food prices.
Last Thursday, the Chancellor of the Exchequer, Rishi Sunak, announced a string of measures to help struggling households cope through a £15m cost of living support package.
All households will now receive:
In addition, there will also be a £500m increase to the Household Support Fund.
While emergency support will bring some relief to those already struggling to pay their bills, is this just a sticking plaster?
Many are having to cut back on their savings, including reducing or stopping their pension contributions to save money in the short-term.
As far as I'm concerned, it's really concerning that saving money for retirement is far from a priority for some at this point in time...
And the overriding focus is simply surviving the days, weeks and months ahead.
The cost of living crisis could have huge long-term repercussions.
Research already suggests that almost two thirds of individuals have pensions that are short of where they need to be - and the savings gap is increasing.
Pensions continue to face a wide-spread misconception and lack of understanding for many individuals.
We would encourage anyone who is concerned about their retirement plans to get in touch with us.
We can work with you to create a bespoke financial plan, based around your unique needs, circumstances and lifestyle objectives.
With that in place, you’ll be in a stronger position to get yourself on a more solid financial footing and be confident you’re taking the steps necessary to enjoy your retirement when it comes.
To get in touch with Emma click HERE.
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