There are two types of consequences: if you have money on your bank account they lose their purchasing power because you are subjected to an "implicit tax" because your saving are cut by the increasing in the price level. So you should be able to invest your money in bond or in the Capital market in order to close the gap with the inflation rate.
Obviously investing you can achieve more profits but losses at the same time, due the equation more yield and more risks.
If you want an advice you can just think to invest your money in bond because Central Banks will decrease interest rates in the long run because inflation is falling sharply.
Do savings stay when there is high inflation? I mean, when the prices of goods keep going up and if one cannot fulfill all their needs with their current income, they will be compelled to use the money they have saved so far so that they don't starve to death or face a lot of problems in their lives.
Even if they don't use the money for food and basic living necessities, as you said, the money will either be eaten from taxes or will lose purchasing power which is also equivalent to losing the money in its actual sense.
When we talk about investments, people need to be careful where they are investing their money because there are a lot of scams looking for vulnerable people that are looking for a place to safeguard their funds during bad economic times.