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A-Z Pocket Guide to Financial Terms

Your pocket guide to understanding financial terms Financial Literacy Programme A NALA/EBS Partnership Foreword The EBS Building Society partnered with the National Adult Literacy Agency (NALA) to develop a programme, which would help to target the growing issue of family and financial literacy. Prior to entering the partnership, EBS recognised that many challenges existed in tackling the barriers to family and financial literacy. In today’s society, the availability of increasingly complex
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  Your pocket guide to understanding nancial terms Financial Literacy Programme A NALA/EBS Partnership  2 The EBS Building Societypartnered with the NationalAdult Literacy Agency(NALA) to develop aprogramme, which wouldhelp to target the growingissue of family and nancialliteracy. Prior to entering thepartnership, EBS recognisedthat many challenges existedin tackling the barriers tofamily and nancial literacy.In today’s society, theavailability of increasinglycomplex nancial products and the growing need to be nancially self-sufcientmeans that people mustbe increasingly nanciallyliterate. As an organisation founded on the principles ofmutuality with a long heritage in providing educational support, EBSunderstands that familyliteracy development isparticularly important, asparents are the rst andmost constant educatorsof children. Family literacy encourages parents and children to work together toimprove both theirliteracy skills.In bringing together thenancial and customerexpertise of EBS with NALA’sspecialist knowledge of Foreword  3 adult basic education, the organisations are working together to help tacklenancial literacy and to address the issue of access to nancial products and services for those with literacy and numeracydifculties.This A-Z Pocket Guide toUnderstanding FinancialTerms is just one of theachievements of EBS’spartnership with NALA.Having launched it srcinally in 2004 we have now updated it with modernterminology to meet withthe increasing demand forthe book. The guide is animportant resource thatwill help to create a much greater understanding of the dense and obscurejargon which is used ona daily basis in relation toall aspects of the moneybusiness. This resourcewill also give guidance tomanagement and staff whowork in the nancial servicessector, money advisers, theGovernment, regulatorsand utility companies inexplaining phrases usedby them.Financial decisions areamong the most importantthat are made by peopleduring their lifetime and it isour collective responsibilityto provide better tools toassist people in makingthose decisions. We hopeyou enjoy and learn fromthis book.  4 Aa Accidental damage Damage to a person’spossessions by accident,such as spilling paint on acarpet, that is coveredby some homeinsurance policies Account A record of spending and income, provided by abank, post ofce orbuilding society Accounting date The last date of the periodcovered by an organisation’sannual accounts Accumulation date The date when income isreinvested in a unit trust,instead of being paid out to investors Accumulation unit A type of unit of income thata company reinvests in aunit trust instead of paying itout immediately to investors Accurate gure An exact reading from ameter to record how muchgas or electricity a person has used Actuary An expert on pensionscheme assets and debts,life expectancy and risk for insurance purposes Acquisition The buying of one companyby another; also known as a takeover Administration fee An amount you pay for thetime it takes staff to makechanges to your nancial product or service AVC Additional VoluntaryContribution – extra moneythat people in work relatedpension schemes can pay toincrease their pension benets     A   a
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