Compounding growth can ease woes of inflation

Bernard Walsh, Head of Pensions at Bank of Ireland, offers expert analysis on tackling the "silent thief" of inflation

"Starting as early as you can, doing as much as you can and for as long as you can," is key in long-term saving.

It is probably no surprise that recent Bank of Ireland research shows that almost three quarters of those surveyed were prioritising day-to-day spending over their future financial savings plans. 

I once heard inflation described as a “silent thief” that steals money from your wallet or your purse. It can have a very damaging effect on your finances but effective long-term planning should always legislate for periods when the cost of living is rising.