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...physical and mental health in later life. Making the distinction can help if you need to make savings as you usually have more options to cut costs on non-essential spending. Your spending pattern will change in retirement Some spending items are likely to change in retirement – perhaps your mortgage will be paid off by the time you retire? Some travel costs may go down...

...physical things and are held in order to produce a flow of income and/or a monetary gain. Examples are money held in a savings account (which pays interest) or share holdings (which usually pay dividends). By contrast, non-financial assets are those assets – usually tangible, physical items – that do not normally provide a flow of income, such as property, jewellery...

...Physical resources Are buildings, plant and machinery regularly maintained? Is there a regular investment plan for new resources to replace outdated ones? Financial resources What do the organisation’s accounts tell you about its financial soundness? Are there any plans to raise finance for further investment? Who makes important financial decisions and are these made...