How Inflation Impacts Your Savings

Inflation can have a significant impact on your savings by eroding the purchasing power of your money over time. As the general price level of goods and services increases, the value of your savings decreases. This means that the money you have saved may not be able to buy as much in the future as it can today.

For example, if you have $100,000 in a savings account earning a low interest rate while inflation is at 3%, the real value of your savings will decrease each year by that amount. Read more here: https://arandagency.mylivingbenefits.com/blog/howinflationimpactsyoursavings