topic 2 Flashcards
Aspirations
things or experiences that people would like to have in the future
Assets
things that 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 the size and structure of the population
Economic bloom
a period when the country is producing and selling an increasing amount of goods and services
Interest rate
the amount, expressed as a percentage, that a financial services provider charges a borrower when it lends money, or pays to a saver
Investments
money paid into financial products; the aim is that the value of the product will grow over time and so the person will eventually receive back more money than they paid in
Life assurance
a type of insurance policy that pays out a sum of money if the insured person dies
Life cycle
the stages through which people pass between birth and death
Life expectancy
the number of years that people are expected, on average, to live, based on the year in which they are born
Mortgage
a loan taken out to pay for a property
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 many aspects of life in the UK such as employment, health, housing etc
Pension
an income that people receive after retiring from work
