How to handle clients during the cost of living crisis
Inflation has been in the 7% range, recently it was announced that it has fallen to in the 5% to 6% range. That’s good news, but it is still very high.
Much of that change will be the arrival of cheaper fruit and vegetables as we enter summer – so it is unlikely that we can expect the Reserve Bank to reduce interest rates very soon.
The impact of the cost of living will have been hardest on the very lowest income groups, who have high food costs as a proportion of their income.
They already have few options to reorganise their financial affairs – so even small changes can cause desperate choices to be made.
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