Background image: How is the cost of living affecting the ability to save?

How is the cost of living affecting the ability to save?

29 Mar 2022
Written by: Scottish Building Society

Our CEO, Paul Denton, recently spoke to Scottish Financial News about how the cost of living is affecting the ability to save.

The cost-of-living crisis is impossible to ignore. At the start of the year, inflation reached its highest recorded level since 1992 and the affordability of goods and services have rocketed at an unprecedented level. Almost everyone is feeling the pinch as latest data from the Office for National Statistics (ONS) finds two thirds (66%) of adults in Britain reporting an increase on their costs in the last two months, with rising energy prices fuelling the surge.

Once branded as a nation of savers, how can we Brits maintain peace of mind about saving for a rainy day when household incomes are swallowed by the cost of living? We recognise that it is a difficult – and for some, impossible – ask.

Planning ahead for financial security doesn’t need to be transferring lump sums every week. It can start small, such as cutting out the daily takeaway coffee or impulse buys, and these habits can transform our financial habits. It’s also thinking about the benefit you get with where you save. I believe that is why we are seeing younger generations starting to take up saving with Scottish Building Society, and it’s delivered in a reassuring and friendly way.

Visit Scottish Financial News to read the full article.

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