‘A great place to start,’ Britons are being encouraged to explore other ‘options’ for combating inflation.

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‘A great place to start,’ Britons are being encouraged to explore other ‘options’ for combating inflation.

INFLATION has been hard on savers as their money has eroded over time, but an expert has discussed “a great place” for Britons to start that will make their money work hard for them.

With the Consumer Price Index (CPI) reaching 5.1 percent in the year to December 2021, the highest in a decade, and the Bank of England keeping the interest rate at 0.25 percent, savers are losing money. In an exclusive interview with This website, Michael Copeland of the Wesleyan Group stated that investing would be a “great place to start” for those looking to make their money work harder for them.

Investing can be intimidating, but he offered tips on how to make it easier and more manageable.

People should keep in mind when thinking about investments that their money will be locked away for the long term, so they should keep that in mind before investing.

Britons should be aware of their risk appetite as well as their loss potential.

Can someone, for example, ride out a stock market crash and wait for it to recover?

“There are some safe homes that inexperienced investors can look at,” he said.

“Things like the lifetime ISA are excellent places to begin.”

Make sure you know everything there is to know about lifetime ISAs and other types of cash ISAs.

It’s a good starting point.”

Other options are available to savers.

Stocks and shares ISAs, for example, are another excellent place to put money, according to him.

The Wesleyan With Profits ISA is a stocks and shares ISA that allows people to invest in their With Profits ISA Fund without paying taxes.

He recommended that people look into long-term savings vehicles because the money invested should be kept for at least five years.

“Historically, the stock market has always outperformed inflation,” Mr Copeland continued.

It’s a great home to put your money into because it’s tax efficient.

“Make sure you understand where you’re investing your money and how much risk you’re willing to take.

“I always say that as long as you plan on investing for at least five years, there is no problem.”

“It’s more about putting in time in the market than it is about timing the market.”

These things are difficult to gauge.”

People may also want to look into National Savings and Investments (NSandamp;I) options.

Mr. and Mrs.

“News from the Brinkwire.”

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