From ensuring your loved ones are protected from sudden shocks with insurance, to earning interest on both savings and current account balances, we ask the experts how best to prepare for a financially volatile year.
The cost-of-living crisis is testing many of us to the max. With household bills rising and wages not keeping pace, it is harder than ever to make our money stretch until the next payday.
But as well as making day-to-day living difficult, rising inflation can affect our financial resilience, that is, our ability to cope with any sudden financial shocks that life might throw at us.
Whether it’s the car breaking down, unexpected sickness or job insecurity, a sudden blow can knock finances badly off course and create a downward spiral, unless you already have savings or insurance in place to help.
“Maintaining financial resilience is key to managing personal finances through this period of instability. But, unfortunately, many Brits are not equipped to cope,” says Stacey Lowman, head of employee wellbeing at Claro Wellbeing, a financial service and coaching app.
“This means that when times get tough, money worries grow and have a devastating impact on people’s lives.”