Personal finance experts react to inflation figures

Personal finance experts react to inflation figures

Inflatie
Inflatie (04)

Following the release of the latest ONS inflation figures, which has dropped to 10.1%, several finance experts have released their comments:

Andy Mielczarek, Founder and CEO of SmartSave, a Chetwood Financial company, said: 'Although today’s CPI data shows that inflation is easing again, the latest numbers show that savers still need to plan carefully. Elevated prices mean that, without careful financial management, people around the UK are still losing money in real terms.'

'Making the most of the right savings instruments is crucial. At the moment, rising interest rates mean that there are opportunities for those who are in a position to put aside a lump sum and allow that pot to grow. For those looking to secure the most competitive rates, looking beyond traditional high street banks is often the key to making better returns, while fixed-term savings accounts can provide savers with lucrative options.'

Lily Megson, Policy Director at My Pension Expert, said: 'Following last month’s shock increase, Britons will welcome the return of slowing inflation. But we are far from the finish line; the threat to people’s finances prevails as inflation remains at eye-watering levels.'

'For many, the concept of a financially secure retirement, after years of hard work and diligent saving hangs in the balance. Indeed, My Pension Expert’s latest research revealed that almost half (44%) of over-55s currently in work feel the cost-of-living crisis has rendered retirement entirely impossible.'

'People need support, and they need it now. The Government must commit to taking steps to granting all Britons access to the necessary information to help them regain control of their financial futures. Improving access to independent financial advice, for example, would be powerful start. And in doing so, Britons will start to feel more in control of their finances, despite these continuously testing circumstances.'

Mohsin Rashid, CEO of ZIPZERO, said: 'After last month's surprise increase, everyone will be breathing a sigh of relief that inflation figures have dropped again.'
 
'Yet, these figures can be confusing. We must remember that while the 'rate' is falling, inflation is still devastatingly high. Its impact is being felt every day across the country, forcing consumers to make hard choices and ongoing sacrifices.'
 
'This is particularly evident with regard to food, which is increasing at a rate well beyond the average. Our research shows that consumers are being savvy, cutting back on meat and exploring frozen alternatives. Yet, savvy can only stretch so far; Britons' mental and physical well-being is under threat, with many now having to prioritise feeding others over themselves. Food shoppers must be given some financial relief. Supermarkets pursuing endless price increases are heading down a path of mutually-assured destruction.'
 
Chieu Cao, CEO of Mintago, said: 'It is important we acknowledge that today’s inflation data comes right in the middle of Stress Awareness Month. While prices are falling again, we cannot underestimate the huge impact the cost-of-living crisis is having on people's financial wellbeing and, in turn, their mental health.'
 
'It’s more important than ever that people are given the tools they need to navigate an extremely challenging economic climate. This is best done in the workplace, where not enough support is being provided. Indeed, Mintago's own survey of over 1,000 UK employees this month has revealed that while 51% of people say their stress has increased notably as a result of the cost-of-living crisis, just 36% benefit from financial wellbeing support through their employer.'
 
'By implementing better financial wellbeing support systems for their employees – whether that’s connecting staff with financial advisers, or giving them more control over their pensions – employers could alleviate much of the financial stress that so many people are facing by simply giving them a clearer image of their financial situation. Yes, inflation might be slowing, but today's data shows there is no room for complacency; UK businesses should act to support staff as a keen priority.'