Inflation is a measure of how fast prices are generally rising. And, while it’s been reducing slowly from a peak in late 2022, it’s still much higher than it’s been for years.

As we continue to live with high inflation for longer than initially hoped, more and more people are feeling the financial strain. Fortunately, there's help available for those who need it.

If you need support managing your…

…financial health

Higher costs mean you might be paying closer attention to your spending decisions. These sites can help:

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  • MoneyHelper is a valuable resource and is sponsored by the government. It holds lots of information about different aspects of your money, like budgeting and saving. Some useful resources include a Beginner’s guide to managing your money and Help with the cost of living.
  • is a leading UK consumer website full of tips, guidance and current deals to help you save money. The site is split into different areas including household bills, which focuses on things like your energy, phone, and council tax payments. There’s also an income and budgeting section where you’ll find guides and tools to help you cut costs where you can.
  • gives an overview of the government’s services and allows you to check if you’re eligible for any benefits. For example, if you’re on certain benefits, you might be eligible for household financial support including cost of living payments and interest-free budgeting loans. Pensioners are also entitled to receive up to £300 to pay for heating bills. For 2023, they may also receive an extra one-off £300 Pensioner Cost of Living Payment.
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Where are you now?

How much money is coming in, and how much is going out?

An online budget tool, like this MoneyHelper tool, can help you work out the answer. You could also see what tools and options your bank offers for keeping track of your spending.

Knowing your current money situation makes it easier to see if you’re on the right track, if you need to make changes, or if you need help.

…emotional health

A 2023 Mental Health Foundation survey found the most common cause of anxiety was worrying about being able to pay the bills. If you are worried about money or its effect on your wellbeing, there are lots of people you can talk to. You could:

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  • Contact MoneyHelper for free guidance. Open Monday to Friday, 8am to 6pm, you can call:
    • 0800 138 7777 (English)
    • 0800 138 0555 (Welsh)
    • 18001 0800 915 4622 (Typetalk)
    • +44 20 3553 2279 (if you’re overseas)
  • Contact Citizens Advice, who, through a network of independent charities, offers free, confidential advice online, over the phone, and in person. Call:
    • England 0800 144 8848
    • Wales 0800 702 2020
    • Scotland 0800 028 1456
    • Northern Ireland: various
    • Relay UK – if you can’t hear or speak on the phone, type what you want to say: 18001 then 0800 144 8884
  • Call the Samaritans and speak to a trained listening volunteer. Call:
    • 116 123 (Monday to Sunday at any time)
    • 0808 164 0123 (Welsh) (Monday to Sunday 7pm to 11pm).
  • Text 'SHOUT' to 85258 to start a conversation with a trained Shout volunteer. Shout is a digital service from the health charity, Mental Health Innovations. It offers a free, confidential, 24/7 text messaging support service to anyone in the UK.
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And because of your connection with Barclays…

You might find the Bank Workers Charity a useful source of health and wellbeing information and support. Their client advisers are trained to help you, and your dependant or partner, in areas like: welfare benefits, health and social care, disability advice and back-to-work support.

…saving for retirement

Inflation doesn’t just affect our costs today – it makes things more expensive in the future too. So, it’s important to understand the impact of today’s choices on your future income.

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For example, if you’ve got a long way to go before taking your UKRF benefits, think about what you’re on track to receive and, if you’re currently making contributions, understand the impact that changing your choices will have on that final amount. You can to check your UKRF details, any time you like.

If you’re closer to retiring and thinking about how to take your UKRF benefits, we recommend that you get free, impartial guidance from MoneyHelper or speak with a financial adviser authorised by the Financial Conduct Authority to understand your options and help you decide.

Visit MoneyHelper if you need help finding a financial adviser or to access their free guidance. If you are over 50 and have defined contributions savings in the UKRF (including the Afterwork Investment Account, PIP and RIS), you can also get free guidance through the government’s Pension Wise service.

The Pensions and Lifetime Savings Authority recently published a cost of living: support for savers resource document. It’s written for schemes like ours to share with you, our members. It includes some of the links included above as well as specific questions focused on the impact inflation has on financial, emotional, and retirement saving health.

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How much you will need in retirement is rising.

The Pensions and Lifetime Savings Authority produces the Retirement Living Standards which show how much you might need to afford a minimum, moderate or comfortable level of retirement. They recently raised these values to reflect current high inflation and that we’ll need to have significantly higher amounts than before to afford the same standards of living.

And finally, watch out for scams.

Scammers are constantly looking for ways to steal your information and savings. We’re all at risk.

Our article From phishing to vishing looks at some of the ways scammers try to trick you, and what to do if you think you’ve been scammed.

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