The Importance of Saving Up for Emergency Savings

Earlier in the week, the consumer prices index measure of inflation fell by more than expected thanks to a fall in transport and food prices.

It eased to 7.9 per cent in June, a bigger drop than expected, according to the Office for National Statistics. 

This was the lowest CPI rate since March 2022 when inflationary pressures began to amplify the headline figure.

So what does that mean for the typical household and for potential future base rate rises? Lee Boyce, Sam Barker and Georgie Frost delve into CPI and what that means for mortgages and savers.

And on the note of savers, two pieces of data this week point to a mixed picture for our financial resilience. 

On one hand, a survey suggests one in three people do not have enough savings for an emergency - and on the other, that a third of savers are earning 1 per cent or less, and for some that's on five figure pots.

If inflation does stay sticky, pensioners could see a big rise in in the state pension - if politicians keep the 'triple lock' pledge.

Data suggests that by 2030, the annual state pension figure is likely to be between £13,000 and £14,000.

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