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How do inflation and taxes affect earnings on savings 2024?

Oliver Wilson | 2023-05-07 10:50:35 | page views：1155
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Amelia Collins

Studied at the University of Manchester, Lives in Manchester, UK.
If the rate of inflation is high and you are receiving a low interest rate, you could find it difficult, or even impossible, to beat inflation. The rule is simple: "After tax, the rate of interest you earn on your savings must be greater than the rate of inflation, in order for your money to actually be growing."
2023-05-14 10:50:35
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Gabriel Ross

QuesHub.com delivers expert answers and knowledge to you.
If the rate of inflation is high and you are receiving a low interest rate, you could find it difficult, or even impossible, to beat inflation. The rule is simple: "After tax, the rate of interest you earn on your savings must be greater than the rate of inflation, in order for your money to actually be growing."
What does inflation mean for your savings? - Savings - Guides ...
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