Energy, food, furniture, housing and clothing prices are all outpacing wages. So much so that the cost of living has risen at the fastest rate in 30 years. The gas and electricity price hikes will hit all households on all incomes, and experts warn that it’s only going to get worse.
While now may seem the hardest time to think about putting some money away, it’s more important than ever to build financial resilience. Almost a fifth of UK adults have less than £100 in savings, a concerning fact as the cost of living crisis is squeezing finances from every side.
In response to rising inflation the Bank of England has raised its base rate of interest, which has made things slightly better for those who can afford to put something aside to save.
More and more savers are turning to investing to make their money work harder for them. The days of investing only being available for the super rich, or those with time to spare monitoring financial markets are in the rear-view mirror. As the investment industry works hard to shake off the reputation of being opaque, new businesses like The Big Exchange offer consumers the transparency that they deserve, both in terms of where their money is being invested and the fees they are paying.
An ISA with The Big Exchange offers tax-free investing for customers and access to funds from expert asset managers that have all been independently assessed.
Chris Baker, a 29-year-old from Winchester, was completely new to investing when he first opened an ISA with The Big Exchange.