Millions of people are in a state of financial paralysis – but doing nothing could be the worst option of all. Should I invest? How long should I lock away my cash? are some of the questions asked by those who have put their finances on hold because of the recent economic and political upheaval.
Our view: There will be many households worrying about how to navigate the coming months as we go deeper into the cost-of-living crisis.
One of the important issued raised in this article is the question – Should I invest?
Whether or not it’s a good time to invest, should be about you and your personal circumstances, rather than what’s happening in the wider economy.
It’s understandable that many people would be questioning whether now is the time to invest – or simply hang on to their cash in a savings account. But if you’re in the position of having savings to fall back on and some money left at the end of the month, investing it for the longer term still offers the potential to get it working harder for you compared to leaving it in cash where its spending power is likely to be eroded by inflation.
Investing might seem quite a brave thing to do right now, but in the future you will hopefully be thankful.