There is little awareness it seems of the effect climate change has had, and continues to have on the finances of people in Britain – despite it often seeming as if we are shielded from the worst effects of a warming planet. An article from The Independent Newspaper explains how a warming planet could affect your pocket.
Rising travel insurance costs
Insurance premiums are likely to rise as the risks caused by extreme weather events also grow, not just because of costs to insurers but because travellers will want more extensive protection.
More homes could be lost
There are already coastal properties being lost to the sea as a result of coastal erosion but this is likely to accelerate in the coming decades, with effects on the housing market and on home insurance.
Prices could rise
In a world where droughts, unseasonal freezes and extreme storms are more common, we’re likely to see a knock-on effect on food prices.
Investments could suffer
People who do not actively invest may assume that if the returns on investments fall, it won’t affect them. However, from pensions to property prices, investments play a significant role in the economy.
We may change how we shop
One significant impact on our finances as individuals could be caused by societal pressures changing the way we shop and consume in the face of growing awareness of global warming and plastics pollution.
The future has always held concerns and uncertainties. Climate change is the one big issue affecting our generation. We would maintain a view that it is always best to plan for the future and that financial planning is an integral element. If you need any help shaping your financial future, do not hesitate to get in touch.
Call Mark Fryer at Fryer Glass on 01276 301103 or email [email protected]
This is just a short summary of the article, the full version can be read here.