In recent months, headlines on rising inflation have brought new woes into discussions about personal wealth and finance. But what exactly is inflation?
A low and consistent inflation rate may not necessarily be bad for us, but quite the opposite – inflation is an indication of a growing and healthy economy, meaning more jobs, higher salaries, and better products.
However, Singapore’s core inflation for April rose to 3.3%, a 10 year high according to official MAS data. Inflation has also been on a rising trend over the past year, as a result of pandemic driven monetary policies globally.
Chances are, the rising inflation trend will persist in the near future, which brings utmost importance for us to take precautionary steps in preserving our wealth.
In an inflationary environment, purchasing power gets slowly eaten away. Simply speaking, savings today will be worth less tomorrow.
What does this mean for us savers?
To beat inflation, you can prudently invest your hard-earned money to preserve and grow your wealth over time.
Below are some products to consider:
Investing into bonds with a suitable risk and maturity can be a prudent way of preserving your purchasing power and ensure that you can make the big purchases further down the road.
While many of these products are easily within reach, the best product for you will ultimately depend on your unique investment goals, risk tolerance and time horizon. Speak to an investment professional to better understand your options and how best to protect your wealth.
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