How to cope with the rise in inflation

You may have some concerns around the rise in inflation, causing an increase in the cost of living. This is front of mind for the Trustees of the Plan who are considering the impact of this on our members.

What does inflation mean?

Inflation is the term used to describe the general rise in the price of goods and services over a certain period.

As an example, in 2000, the average price of a loaf of white bread was 69 pence. Now, after inflation, that same loaf of bread costs £1.22 according to the Office for National Statistics (ONS).

So, £1 now will buy you less than what it would have bought back in 2000 – that is due to inflation, and a reduction in the purchasing power of money.

What can you do to cope with the rise of inflation?

The Government has recently launched a campaign to highlight the services available to help with the rise in the cost of living.

These services include:

  • A launch of an Energy Bills Support Scheme, providing people in England and Wales with £400 off energy bills.
  • Housing support;
  • Income support; and.
  • Help with transport costs.

More information on these Government initiatives can be found at costoflivingsupport.campaign.gov.uk

You can also visit MoneyHelper a Government backed website that can provide you with clear money and pensions guidance.

Open to everyone, MoneyHelper currently helps people to clear their debts, reduce spending and make the most of their income while also offering support and advice on how to build up savings and pensions, and know the option available at retirement.

Visit moneyhelper.org.uk