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Inflation can have a significant impact on various groups, but it generally hurts low-income earners and people living on fixed incomes the most. This is because inflation erodes the purchasing power of their income and savings, making it more challenging for them to afford basic necessities such as food, housing, and healthcare. In contrast, those with higher incomes may be better equipped to absorb the higher costs associated with inflation, such as rising prices for goods and services. Overall, inflation can be a challenging economic phenomenon that can disproportionately affect those who are already financially vulnerable.
The effects of inflation are often not directly felt but are played out over a long time, especially long-term investments are vulnerable to inflation.
At Horizon65, we created a mobile app that enabled you to check the effect of inflation on your savings.