Financial world
What they didn’t teach you at school
As the cost of living rises, financial struggles have become a common reality for many individuals, significantly impacting their overall well-being and mental health.
Your guide to navigating the financial world with confidence and clarity
Here, we break down the essential financial terms and products that are crucial for your Financial wellbeing but often skipped in traditional education. Whether you’re stepping into financial independence for the first time or looking to sharpen your money management skills, we’re here to help you make informed decisions and take control of your financial journey.
Taxation
Taxation is the process of collecting money from individuals and businesses by the government to fund public services like Policing and the NHS. Two common types of taxes we come across are income tax and value-added tax (VAT).
Insurance
Insurance is a way to protect yourself financially against unexpected events. For example, car insurance can cover the costs of repairs if you have an accident, and health insurance can help pay for medical treatments.
Mortgage
A mortgage is a loan from a bank or lender that helps you buy a home. You make regular payments, including interest, to repay the loan over an agreed period (often to retirement). If you fail to make the payments, the lender can take possession of the property.
Pensions
Pensions are retirement savings plans that help you save for the future. You contribute money regularly into a pension fund, and over time, your pot grows through investments. When you reach 55 years old, you can start withdrawing money. systems. This can be difficult to keep track of.
Credit Score
Probably the most important area as young people become financially independent but where so many mistakes are made. A credit score is a numerical representation of an individual’s creditworthiness, It is based on various factors, including payment history, credit utilization, length of credit history, types of credit used, and recent credit activity. Lenders use credit scores to assess the risk of lending money and determine interest rates or cred