The cost-of-living crisis is impossible to ignore. At the start of the year, inflation reached its highest recorded level since 1992 and the affordability of goods and services have rocketed at an unprecedented level. Almost everyone is feeling the pinch as latest data from the Office for National Statistics (ONS) finds two thirds (66%) of adults in Britain reporting an increase on their costs in the last two months, with rising energy prices fuelling the surge.

This, coupled with changes to tax and an increase to National Insurance Contributions from next month, will leave thousands of households across the UK with less or zero disposable cash, and, importantly, puts a strain on what they can invest into their savings.

Once branded as a nation of savers, how can we Brits maintain peace of mind about saving for a rainy day when household incomes are swallowed by the cost of living? We recognise that it is a difficult – and for some, impossible – ask.

Considering this latest crisis comes merely months after the incredibly challenging and unpredictable environment brought on by the pandemic, it’s no surprise that consumers are feeling overwhelmed with the unrelenting financial minefield they face.

Saving habits were transformed throughout the pandemic; many were able to save more than before because of the lockdown and restrictions on our day to day live, such as socialising or commuting. This period of accelerated saving has given many of our members stability for the months ahead, but it is always difficult to forecast when that rainy day will rear its head.

Planning ahead for financial security doesn’t need to be transferring lump sums every week. It can start small, such as cutting out the daily takeaway coffee or impulse buys, and these habits can transform our financial habits. It’s also thinking about the benefit you get with where you save. I believe that is why we are seeing younger generations starting to take up saving with Scottish Building Society, and it’s delivered in a reassuring and friendly way.

One of the most attractive benefits to saving with a building society is the competitive interest rates that we offer exclusively to our members. The ability to make decision for the benefit of our members has been integral to our success and why Scottish Building Society is proudly the world’s oldest society.

I believe this has been a key driver in not just why people are saving but who they save with. When saving becomes difficult, people want to make sure every penny they have is put to good use. Mutuals have been able to benefit from a renewed focused on where our savings are going and where they are being invested.

In addition, as a mutual, Scottish Building Society is owned by and run for the benefit of our members. This meant that despite the challenges on the economy and Scotland’s people as a result of the Covid-19 pandemic, the Society continued to provide a safe and secure financial partner throughout and 2021 was its most successful year to date. This is testament to the business model which is based on simplicity and prioritisation of being member-owned, and we are very fortunate to have been able to provide that personable level of support.

Over the next 12 months, I am hopeful that we will start to see some stability which would allow people to better plan financially. What has certainly been clear is that having savings during both stable and unstable times always gives you a level of security to help manage those unprecedented times.