The rising cost of living has received much attention in the past few months, as the cost of energy has soared and post-pandemic supply issues have meant inflation has risen far past the target set for the Bank of England.

Several factors are colliding: the cost of gas has tripled over the past year, and is set to rise further due to the tensions in Ukraine; national insurance tax rises are planned for April; and inflation is currently above 5 per cent as economies emerge from the pandemic and resources are scarce due to the worldwide shutdown.

So what does this mean for clients of financial advisers? In the main they may on average be in a better financial position than the typical citizen, but there will still be calculations to make. If they are working, there may need to be some adjustments made to their financial planning – pension contributions and investments, for example. If the client is in retirement then calculations will need to be done over whether pension payments will cover everyday costs.

These issues will be looked at in this guide, which qualifies for an indicative 60 minutes' CPD.