TOPIC 2 Flashcards
Aspirations
Things or experiences people would like to have in the future. E.G. owning a house, going on a luxury holiday.
Bank rate
The interest rate that the Bank of England uses when it lends money to other banks.
Demographic changes
Changes in the size and structure of the population.
Economic boom
A period when a country is selling and producing more products and services
Life assurance
A type of insurance that will pay out money if the person dies
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.
Office for national statistics
The independent organisation that produces statistics on many
aspects of life in the UK such as employment, health, how long
people live in different areas of the country, housing, etc.
Recession
A period of at least six months when the amount of goods and services the country is producing is shrinking.
What are unforeseen circumstances
Unexpected circumstances which can dramatically change a persons life positively or negatively
A Will
A legal document which sets out what a person wants to happen with their assets after their death.
