Concerned about inflation? Experts help ease your biggest money concerns in new series

Her daughter may only be seven years old this year, but Ms Jacquelyn Tan already knows what she hopes her child will grow up to be: One who is free to live life on her own terms, and explore her interests.

How is she helping to achieve that ideal for her daughter? By planning for her own retirement.

“Because she’s our only child, it’s important for my husband and I to ensure she has financial freedom, and we won’t be a burden on her as we grow older,” says Ms Tan, who is in her 40s. “So with that, we plan quite a bit, whether it is having endowment plans or making sure that our retirement is taken care of.”

Ms Tan, who is UOB’s head of group personal financial services, is among a panel of experts from the bank who aim to help ease your money-related concerns in a new advice column.

Besides her financial expertise, her own experiences as part of the “sandwich generation” (those who care for their ageing parents and young children) will be useful and relatable. Ms Tan and her husband are supporting their parents, paying off their home loan, and feeling the pinch from inflation.

“In a rising interest rate and high inflation environment, daily necessity, utilities, food and mortgage payments all put a strain on monthly finances,” says Ms Tan, who lives in a semi-detached house.

source https://eastmud.com/latest-news/concerned-about-inflation-experts-help-ease-your-biggest-money-concerns-in-new-series/