Beware, inflation is a money thief

Johannesburg - Inflation can leave your savings in tatters, but you can most certainly shield yourself from this hardship, according to FNB head of market analytics and savings investments Doret Jooste.

"The text book defines inflation as the rate at which prices in an economy increases.

So why is that important?

"Simply put, inflation is a money thief because as prices increase so the purchasing power of our money gets less and less."

For example, with R20 consumers could buy milk and a loaf of bread a couple of years ago, but today R20 can either get you only milk or bread.

"This is very important for savers because if they are saving for a goal, that goal might get more and more expensive as time goes by."

Listen to the interview to find out how you can beat inflation:



 - Fin24

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