7 tips to make your finances more resilient
7 tips to make your finances more resilient. Due to record-high inflation, surging prices, and sluggish wage growth, consumers are in a bind, but all is not lost.
We may focus on handling our finances in a way that is within our control now that inflation has reared its ugly head. According to DBS’ most recent study, “Are you losing the race against inflation?” the lowest income group and baby boomers (ages 58 to 76) are among those most vulnerable to inflation. These customers might therefore be less able to bear inflationary increases in the future.
Positively, because their assets exceeded their outgoing costs over the past year, boomers and millennial consumers (those between the ages of 26 and 41) are better positioned financially to combat inflation. The survey did, however, point out that Gen Xers (aged 42 to 57), who are close to retirement age yet saw investment growth lagging expenses, may invest more to strengthen financial resilience and protect their nest egg.
Additionally, it showed that nearly 500,000 DBS customers’ incomes were behind the rising inflation rate, with some even seeing a loss in real income. In the last year, expenses have increased by a factor of two more quickly than revenue. The study examined data that was both aggregated and anonymized from 1.2 million DBS retail customers and publicly available data.
What then should consumers do? Here are seven suggestions to protect your money from inflation and strengthen them.
1. Review your expenses regularly
2. Shop wisely
3. Inflation-proof your savings
4. Start investing and adopt a long-term horizon
5. Stress-test your financial plan
6. Don’t forget about insurance
7. Increase your income
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