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CeFS key terms Topic 2
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- 1AspirationsThings or experiences that people would like to have in the future, ie owning a home instead of renting, having a luxury holiday or buying a sports car
- 2AssetsThings that a person or a business owns. For a person their assets might include property, jewellery or financial products such as company shares
- 3Bank rateThe interest rate that the Bank of England uses when it lends money to other banks. Financial services providers take account of the Bank rate when they decide how to set interest rates on their own products
- 4Demographic changesChanges to the size and structure of the population (eg an increase in the number of people over the age of 65, or a rise in children of school age)
- 5Economic boomA period when the country is producing and selling an increasing amount of goods and services
- 6Interest rateThe amount, expressed as percentage, that a financial services provider charges a borrower when it lends money, or pays to a saver
- 7InvestmentsMoney 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. Investments are a way of saving over the medium or long term
- 8Life assuranceA type of insurance policy that pays out a sum of money if the insured person dies
- 9Life cycleThe stages through which people pass between birth and death, including childhood, teenage years, young adult, mature adult and old age. Not everyone passes through all stages (ie they might die at an early stage) and not everyone passes through the stages at the same age
- 10Life expectancyThe number of years that people are expected, on average, to live, based on the year in which they are born. ie life expectancy for a girl born in the UK between 2009 and 2011 is 82.8 years and for a boy is 78.8 years
- 11MortgageA loan taken out to pay for a property, usually over a long term such as 25 years
- 12National Insurance contributionsMoney deducted from the pay of people who are employed or self-employed and used by the government to fund stage pensions and other benefits
- 13NeedsThings that people need to survive, such as food, basic clothing and a place to live
- 14Office for National StatisticsThe independent organisation that produces statistics on many aspects of life in the UK such as employment, health, how long people live for in different areas of the country, housing, etc
- 15PensionAn income that people receive after retiring from work. In the UK people receive a pension from the state; some people also receive pension payments from schemes run by their former employers or arrangements that they have made for themselves
- 16RecessionA period of at least six months when the amount of goods and services the country is producing is shrinking
- 17RedundancyLosing a job because the business no longer needs, wants or can afford that job to be done; it is related to the needs of the business and not to how well or badly an individual does their job
- 18Risk averseReluctant to take any kind of risk
- 19Risk tolerantWilling to take risks
- 20SharesInvestments that represent part-ownership of a company
- 21WantsThings that people would like to have but can survive without, such as entertainment, fashionable clothes, etc.
- 22WillA legal document setting out what a person wants to happen to their belongings (assets) after their death
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- Fichas sobre CeFS key terms Topic 2, creado por palacey el 19/11/2013.
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- palacey
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