Managing My Money Glossary
Glossary of terms used in Managing My Money.
Friday, 26 April 2024, 5:40 PM
Site: Open Learning
Course: Managing my money (MMM_1)
Glossary: Managing My Money Glossary
S
Self-insuranceThe process of establishing a fund to cover the costs of any potential financial loss. |
State additional pensionA state pension available mainly to employees. The amount received varies from one person to another depending largely on their average earnings while the pension was building up. |
Symbolic consumptionConsuming products or lifestyles for social meanings attached to those products or lifestyles for others to see. |
T
Tenants-in-commonTwo or more people who own a property together. Each has a distinct share. |
TermThe period of time over which a debt is to be repaid. |
Trade-offA sacrifice of something in order to have something else. |
U
Unit trustsCollective funds that allow private investors to pool their money in a single fund. |
W
Working lifeAn official definition meaning the tax years from age 16 to pension age. For example, a person whose state pension age is 68 will have a working life of 52 years. |