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.
Current times are really hard for the young people. We do earn and save a little but we have no place to invest. Real estate is too costly and our savings won't cover the monthly mortgage. Stock markets are not growing as strong as in the past and only a selected few are getting success. The similar trend has been in crypto. Regular and Intraday traders might be getting money but it's hard for investors and of all, the bank interest don't cover the inflation. i.e. we are losing money as we hold onto it.
I've recently shifted to getting interest on Stable coin that do cover the current inflation but that tok is not a good long term strategy.