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.

Free course

Managing my money

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.


Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371