Higher inflations 'means Brits feel the strain'

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Higher inflations 'means Brits feel the strain'

The recent announcement that retail price inflation in the UK has reached 5.2 per cent means people across the country are currently struggling more to make ends meet.

According to Alliance Trust Savings, higher prices for fuel, bills and day-to-day items have meant that many people have been looking at ways to reduce their outgoings. This has included pensions saving and the firm has urged consumers to consider Select SIPP options when it comes to putting away money for their golden years.

Steve Latto, head of pensions at Alliance Trust Savings, said: "High inflation can significantly reduce the buying power of retirement income. This means minimising pension charges now can help maximise the value of your pension fund at retirement."

Elsewhere, Martin Bamford, chartered financial planner at Informed Choice, recently noted that UK savers are currently facing tough decisions as well, with the outlook for an interest rate rise in the UK remaining very low.

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