RICHARD EAGLING PERSONAL FINANCE EXPERT , NERDWALLET

“ Furthermore , in most cases , by utilising a High-Productivity Fintech Infrastructure ( HPFI ), bankers can easily customise unique products and journeys , make loan recommendations according to their customer ' s creditworthiness , and automate decisioning in alignment with their lending criteria ,” he says .

Caution must be exercised for borrowers as well as lenders In light of the current situation , exercising caution when considering borrowing is paramount , says Richard Eagling , personal finance expert at NerdWallet . Not only should lenders be far more circumspect , but customers must also think long and hard before committing to additional monthly repayments that may well rise as a result of interest rate changes .

“ Borrowers will have to prepare themselves for the likelihood of increased repayments , such as higher mortgage rates . And , with inflation predicted to continue rising throughout the year – even with interest rate hikes – many consumers will be understandably concerned about how they can afford to make repayments on top of everyday bills .”

He continues : “ Individuals must waste no time in taking measures to prepare themselves . Keeping track of all incomings and outgoings will be critical in helping them identify potential issues or pinpoint areas where savings can be made .”

Andrew Megson , Executive Chairman of My Pension Expert , agrees and says that rational decision making is essential across all age demographics . " It is so important right now to refrain from making any rash decisions that could later damage a person ' s financial security . Where pension planning is concerned , in times of economic uncertainty , it ’ s crucial to first review your retirement strategy ,” he advises .

“ Likewise , a sensible move would be to speak to an independent financial advisor to explore all options available , whether that ’ s annuities , flexible-access drawdowns , or riskier investments that could offer more favourable returns in the face of inflation .

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