Introduction to Personal Finance – What are the factors individuals need to consider when budgeting

1. Describe the different types of pensions arrangements individuals could contribute to for saving towards their retirement. Explain the pro’s and con’s of arrangement and the purpose of each for individuals.
2. Describe the different types of mortgages an individual can take and what types of products and features individuals need to be aware of?

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3. John age 35, has recently inherited a lump sum from his late grandfather of £50,000. He is considering investing this for his future. Discuss what his investment options are and explain their advantages and disadvantages.
4. Savings are increasingly becoming a concern for many households in the UK, an issue the UK Government have highlighted. Discuss the different savings arrangements that are available to individuals in the UK.

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5. Discuss some of the factors relating to debt with particular focus on low-income families. What are the major issues and how does debt affect individual’s lives?
6. What are the factors individuals need to consider when budgeting? Explain how budgeting affects extended families living together and the issues for those who are single occupancy households.
7. Discuss the different types of personal life and health insurance available to individuals. Explain the purpose of each and why an individual/s may consider taking such cover.
8. Sarah and Ken are looking to purchase a new car. They have recently calculated their disposable income and identified they have approximately £150 a month they could put towards a new car. The car they are interested in costs £9,999 plus any associated costs. They do not have a lump sum to put towards the purchase upfront but they have been told they can buy the car and pay for it on a monthly basis. They travel by bus currently so are very attracted by this opportunity. The car dealership has offered them a finance deal which is a 45% APR and will cost them £280 per month for 6 years. Discuss what financing options are available to Sarah and Ken when deciding on the purchase of a new car.

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Introduction to Personal Finance – What are the factors individuals need to consider when budgeting