“We have the highest inflation in 30 years”
Inflation is already affecting us in our day-to-day lives, but the scenario will get even worse because of the conflict in Ukraine. “February’s CPI rate closed at 7.4%, and all forecasts warn that the figure will go ‘in crescendo’,” warns Sandra Molas, Head of Strategic Partnerships at 11Onze, in a new episode of L’Estat de la Nació. In this context, what can ordinary citizens do?
“On 10 March, we will see what the European Central Bank decides about interest rates, and how much it expects inflation to rise,” the Head of Strategic Partnerships explains. The 7.4% rate is the highest figure in 30 years in Spain, specifically since 1989. “In Europe, the figure is not much better, it is 5.8%, the highest rate since the creation of the euro,” she denounces.
To deal with this context, Molas explains that 11Onze is providing many tools for better savings management. “It is clear that, with inflation like the one we have, if you don’t move your savings from a current account, they lose value,” she summarises. For this reason, one of the options that the fincom is offering its community is the purchase of gold as a safe haven with Preciosos 11Onze.
Coping with rising prices without savings
But what about all those citizens who do not even have savings and who have to face unprecedented price increases? “Then we have to consider ways to reduce spending. And we recommend starting to look at fixed costs,” the Head of Strategic Partnerships warns.
“The fixed cost brings together the contract for electricity, gas, water, housing… You can start looking at whether another company allows you to spend less money. And this is something you can do in the medium term. In the short term, you can also try to control your family’s spending on everyday purchases. Perhaps saving 20 cents may seem silly, but in the current context it does come from here,” Molas explains.
Another key to controlling spending is to team up with a community. “As we have done with Preciosos 11Onze, which, because we are a community, we can negotiate a better price, we also hope to offer other services and products in La Plaça that allow our community to make savings,” she explains.
The presence of women in finance
On the eve of 8-M, Women’s Day, Molas has taken the opportunity to call for a greater presence of women in the financial world. “The first thing you find when you Google the word ‘money’ are men in jackets and ties. They are the ones who manage, who wield the power,” Molas warns. The Head of Strategic Partnerships considers that, in a geopolitical and economic context of crisis such as the one we are experiencing, we must once and for all commit to female leadership.
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