High inflation can really affect families, both now and in the future.

Short-term effects:

• It makes everyday things, like food and gas, more expensive.
• Families end up with less money to spend, so they can buy fewer items.
• Budgets become tight, which makes it harder to save money or pay off debts.

Long-term effects:

• If inflation rises faster than interest, it can eat away at savings.
• People might change how they spend money, focusing more on needs instead of nice-to-haves.
• The value of homes and other things can change, which affects how much wealth people have.

Overall, it's a tricky situation for everyone!