Certainly, the economy expanded by 0.5% on the month, but that was mainly because of a bounceback in activity from September’s 0.6% fall, when there was an extra bank holiday for the funeral of Queen Elizabeth II.

While bank holidays are good for some sectors of the economy – such as hospitality – overall the closure of offices, factories and building sites leads to lower gross domestic product.

If ever there was a case of one swallow not making a summer, then the October growth report from the Office for National Statistics was surely it.

UK recession looms despite one-month economic rebound

The same principles investors use to build wealth can be applied to enriching yourself in other ways. Just as we buy stocks and bonds to generate financial growth, we can build a portfolio of how we spend our time and money now that pays off in the months and years ahead.

The Best Investment to Make in 2023 Is in Yourself

The current cost of living crisis, against a backdrop of bleak economic predictions, is a significant cause for concern for millions of people.

Living standards have fallen at the steepest rates in 60 years, household incomes are expected to drop by 4.3% in 2022-2023, and people are being forced to reduce their spending.

With economic predictions over the next couple of years also looking grim, it’s easy to see why people feel powerless and frustrated.

Financial planning and wellbeing

Interest rates have been increased again by the Bank of England as the cost of living soars

At the risk of sounding philosophical, 2022 was a year characterised by absence and chaos. In particular, the absence of confidence, as anxious consumers collectively tightened their own belts. Even the biggest tech companies were forced to trim ambitions (and spending) by increasingly skittish investors.

The 10 biggest tech stories of 2022

When it comes to time, we are born rich and then spend down our fortunes over the years. It may not grow like money in a bank account, but there are ways to get time to pay out a similar kind of interest.