1.2 - Personal Life Cycle Flashcards
aspirations
Things or experiences people would like to have in the future
assets
things a person or business owns
bank rate
the interest rate that the Bank of England uses when it lends money to other banks
demographic changes
changes to size and structure of the population
demographic changes
changes to size and structure of the population
economic boom
a period when the country is producing and selling and increasing amount of goods and services
interest rate
the amount that a financial services provider chargers a borrower when it lends money, or pays to a saver
investments
money paid into financial products
life assurance
a type of insurance policy that pays out a sum of money if the insured person dies
life cycle
stages through which people pass between birth and death.
life expectancy
number of years on average people are expected to live depending on the year they were born
mortgage
a loan taken out to pay for a property, usually over a long term such as 25 years
national insurance contributions
money deducted from the pay of people who are employed or self-employed and used by the government to fund state pensions and other benefits
needs
things that people need to survive
office for national statistics
the independent organisation that produces statistics on aspects of life in the uk (life expectancy)
pension
income that people receive after retiring from work
recession
a period of at least 6 months where the goods and services the country is producing is shrinking
redundancy
losing a Jon because the business no longer needs, wants or can afford that job to be done
risk averse
reluctant to take any kind of risk
risk tolerant
willing to take risks
shares
investments that represent part-ownership of a company
wants
things that people would like to have but can survive without
will
a legal. document setting out what a person wants to happen to their belongings after their death
