How to manage the harmful effects of inflation on your wealth

The rate of inflation has been in double digits for much of the last year. The high levels of inflation have been linked to the Covid-19 pandemic and lockdown, as well as the war in Ukraine. Both of these global events affected business operations and the cost of goods and services.

It’s likely to have affected your day-to-day costs, and it could harm your long-term wealth too. According to a Canada Life study, 83% of financial advisers said inflation was the number one concern for their clients this year.

If you’re worried about inflation, read on – this guide explains why inflation may alter your long-term plans and what steps you could take to reduce the impact.In this guide we look at:

• The rate of inflation
• Ways inflation can affect your wealth
• How to make the most of suitable allowances
• Making the most of interest rates
• The benefits of investing
• How to review your budget
• Focussing on long term plans