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31 Cards in this Set
- Front
- Back
Affordability |
An important concept in helping people choose financial products, based on budgeting and forecasting to help individuals decide what they can afford to spend |
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Aspirations |
Things that people would like to have in the future |
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Attitudes |
Peoples thoughts and feelings at a given time and place about another person, an event or an issue. Usually quite general and limited. |
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Beliefs |
Specific and detailed personal convictions about how things are. Can be religious or absolute or casual |
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Capital |
The money or other assets owned by an individual or a business. The funds provided by the shareholders |
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Consumer credit |
Another term used for borrowing |
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Credit card |
Credit card a card that allows the holder to make a purchase face to face, online or over the phone and withdraw money from ATMs |
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Culture |
A society’s set of norms about behaviour and attitudes across social groups. It indicates what society considers to be acceptable and unacceptable |
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Deposit |
A sum of money place by a customer with a financial services provider |
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Distribution channel |
The medium through which information is transferred to its intended recipient. The way in which a customer can contact their provider and manage their account |
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Ethical investing |
When someone chooses to save in a way that means the money will be used for what that individual considers to be good purposes. |
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Feedback effect |
The notion that thoughts and feelings have a direct influence on behaviour. As expectations can be self fulfilling, peoples own attitudes affect the outcome of events |
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Hire purchase |
A type of secured consumer credit to a finance items such as cars and furniture, which involves the borrower repaying over a number of years |
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Investments |
Money paid into a financial product aiming for the value of the product to grow over time receiving more money than they paid in. Saving for medium to long term |
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Life assurance |
A type of insurance policy that pays out a sum of money if the insured per dies. |
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Life cycle |
The stages through which people pass between birth and death. |
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Marketing |
Advertising, selling and delivering products to customers. Everything a company does to acquire customers and maintain a relationship with them including promotion and public relations |
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Mortgage |
A long term loan taken out to pay for a property |
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Needs |
Things that people need to survive |
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Peers |
Our equals - people in the same positions as us - same age |
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Pension |
Income that people receive after retiring from work |
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Personal loan |
A product that allows someone to borrow a fixed amount over a fixed period and a fixed amount of interest |
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Product placement |
An aspect of public relations ( PR ) involving a product appearing in a tv show or in a film |
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Promotion |
Paid for marketing activities including advertising |
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Public relations ( PR ) |
A specific part of promotion know a ‘below the line’ expenditure. |
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Repossession |
A legal process whereby a financial institution takes ownership of an assets, often a house because the loan repayment relating to that asset have not been met |
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Risk tolerant |
Willing to talk risks |
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Secured loan |
A loan secured against an assets such as a house. If the borrower does not keep up arrangements on the loan, the lender can seize the asset and sell it to recover the money owed |
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Sponsorship |
An aspect of privilege relations involving a business paying for a sporting or entertainment event or venue. It can advertise at the event and can be included in the event or venue name |
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Values |
General feelings about desirable behaviour and goals |
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Wants |
This game that people would like to have but can survive without such as entertainment |