Everything is Going Up

The current inflation rate is over 10% and bigger bills are coming at us from all directions. Whether homeowner or business owner, this makes financial resilience a challenge. Is there any good news?

Support for those Struggling with Cost of Living Pressures

The Public Health Annual Report 2023* has described the cost of living pressures as the second major health emergency after Covid-19. The report identifies that the health of individuals with low financial resilience is most likely to be affected. We all have a duty to ensure that those struggling to make ends meet are made aware of all support that is available to them.

On a positive note, it recognised that many organisations are stepping in to assist with cost of living pressures. These include charities, community volunteers and faith groups, as well as businesses. Donations of food, toiletries and clothes to community groups have been positive, although donations to charities have declined. Additional financial support is needed to ensure the sustainability of what have become essential services.

Increase in Benefits Payments

As raised in the Public Health Report, those with the lowest income are most vulnerable to the cost of living increases. Fortunately, April has seen an increase in the majority of benefits that eligible individuals can claim.

These include:

·??????Carers Allowance

·??????Housing Benefit

·??????Income Support

·??????Maternity Allowance

·??????Severe Disability Allowance

·??????State Pension

These increases may soften the blow of rises to Council Tax, Broadband and Water, which have come into force this month.

If you are unsure whether you, someone you are supporting or a customer is entitled to any benefits, the MoneyHelper benefits calculator is a good place to start.

Interest Rates Going Up for Savers

For those households with savings, the fact that interest rates are going up is also good news. After years where money in the bank has not earned a penny, rates of 4% and above have become commonplace.

If your account isn’t offering a good rate for your savings, it is time to switch. The Money Saving Expert provides advice on the best bank account rates and saving options.

Going Up

So, yes, everything is going up, however, in some cases, it’s a good thing. By checking your entitlement to benefits or switching bank accounts, you might be better placed to cope with those rising bills.

* https://www.local.gov.uk/publications/public-health-annual-report-2023-supporting-communities-difficult-times