Skip to content
Skip to main content

About this free course

Become an OU student

Download this course

Share this free course

Managing my money
Managing my money

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Managing My Money Glossary

Glossary of terms used in Managing My Money.

Browse the glossary using this index

Special | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL


Pay-as-you-go (PAYG) scheme

Pension scheme where pensions and other benefits paid out today are paid for out of tax revenues collected today.


A website-based arrangement that enables investors or their advisers to select and buy investments and hold them in a portfolio (which might be in the form of, for example, an ISA or pension scheme) administered by the platform provider.

Principal sum (or capital sum)

The original amount of debt taken out.

Private pension

Used collectively to refer to occupational pensions and personal pensions rather than to state pensions.

Progressive taxation

A tax whereby the proportion of a person's income that is paid as tax increases as their income increases.