Functions and role of money 2

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Last updated 8:21 AM on 6/22/26
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4 Terms

1
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What are the financial needs and wants of those over 60?

  • Fewer dependents.

  • May downsize home as empty nest.

  • Less need to buy assets.

2
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What actions and products are needed for those 60+?

  • Mortgage may be paid off.

  • Pension from 67ish.

  • Foreign holidays.

3
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Why may individuals and businesses plan and budget their expenditure?

  • To purchase a house or high-cost item.

  • To avoid getting into debt.

  • To maintain a good credit rating.

  • To avoid bankruptcy.

4
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What does it mean to be solvent?

Having the ability to meet your day-to-day living expenses and repay your debts.

(a primary financial objective).