It’s hard not to have heard or read about the increasing prices of goods and services in Ireland. Lots of commentators refer to it as the Cost-of-Living Crisis.
The rate of inflation in June was hovering around 9.1%, so it’s no wonder why we are all feeling the impact, just think about how expensive it is now for fuel? The rate of inflation is expected to increase more over the coming months.
There is a wide range of factors that impact the rate of inflation from the war in Ukraine, Covid supply chain issues, Brexit, and the rising price of oil, just to name a few. Resulting in increasing costs for households across the country.
The Taoiseach says the cost-of-living crisis could last into Spring 2023. Due to the uncertainty around supply change issues and the increased cost of energy Winter may be the hardest time for many families.
There is now the potential for inflation to peak at over 10% in the coming months.
Unsure of what steps you can take during these times of high inflation?
It’s not time to panic but time to start planning and getting educated now.
Here at Employee Financial Wellness, we value a preventative approach towards financial stress. Our belief is to prevent financial stress from starting in the first place. We help our clients to identify their future financial events and have them as part of their financial plan. Another key aspect of being prepared is having your short-, medium- and long-term goals clearly identified and having funds assigned to these goals each month.
Education is a fundamental pillar of our approach, and we believe that if employees have been educated on their financial situation, then they are better equipped to handle any surprises that may come their way. This helps them to alleviate the elevated levels of stress and anxiety that surround financial issues.
If you are an employee needing help or advice with your financial situation or an employer looking to help your workforce by offering them a financial wellness education programme, feel free to contact us today!
