How to look after your money during the Iran war: Energy bills, savings and pensions
Experts explain how to look after your money during the Iran war
- The government's energy price cap is forecast to rise significantly from July, with analysts predicting an increase to £1,973 annually, though current fixed deals may offer some short-term protection.
- Pension savers are advised not to panic over market volatility caused by geopolitical events, with experts recommending staying invested, diversifying, and reviewing portfolios, particularly for those nearing retirement.
- Mortgage borrowers face prolonged higher interest rates as cuts are unlikely this year; those due to remortgage should consider locking in a deal up to six months ahead.
- Travel costs, especially flying, are expected to increase due to rising fuel prices, which may boost “staycations” and lead to advice on booking early or staggering currency exchanges.
- To combat inflation eroding savings, individuals should seek competitive rates and use tax-efficient accounts, while long-term investing and diversification are suggested for managing market uncertainty.
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