Climate change is usually assessed in scientific terms – rising temperatures, sea levels and carbon emissions. But increasingly, it can also be measured in household bills – higher insurance premiums, steeper energy charges and growing costs to protect homes, travel and health. So when US President Donald Trump said recently that abandoning a key government ruling on greenhouse gases would make cars cheaper for Americans, he was focusing on a tiny piece of a huge picture.

That is because climate change is not a local problem that hits one place at a time. It is increasingly a widespread financial risk, pushing on several parts of household finances at once. When risks become systemic, people cannot simply “insure it away” or plan around it.

When Trump announced he was revoking the US’s 2009 “endangerment finding”, which set out how greenhouse gas buildup harms human health and wellbeing, he said the move would save Americans “trillions of dollars”.

But climate change shows up directly in household budgets as pressures converge. These pressures could include insurance becoming unaffordable or even unavailable, which can then have knock-on effects on property values. On top of that, utility costs can creep up, wages may become less reliable, and retirement savings are exposed to climate-driven shocks.

For many families, their home is their largest financial asset. But climate risk is increasingly........

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