State Pensions © Alamy/Adrian Sherratt
We’re coming to the end of Week 7 – the penultimate week on Managing my Money, the free FutureLearn course from The Open University, and we’ve had a great week. It has been both interesting and informative, with lots of online interaction and collaboration from the learners.
Our main subject this week has been pensions and planning your retirement income – arguably the most crucial personal finance issue in the UK.
We looked at the evidence that a large proportion of people have inadequate non-state pension plans, posing the question as to whether a lot of people will have enough income for an enjoyable retirement.
We studied state pensions and the new flat rate pension that will be introduced in the UK from April 2016, and then looked into occupational and work place pensions. We learnt how to calculate our pension income, and had an interesting discussion regarding average salary pensions.
The learners were tested on their financial planning for retirement and took part in a fascinating online discussion about the different ways that money could be spent during the retirement years.
We then explored how to plan ahead and review pension plans. This culminated in a discussion based around using a pension calculator to work out whether the amount you have saved at present is likely to provide enough income for the retirement lifestyle you would like. This has hopefully helped people to think about making plans to save for retirement or encouraged them to review existing plans.
Final Question and Answer session:
Don’t miss the chance to take part in the final social event of Managing My Money. This last Q & A session allows you to ask questions on any topic covered during the eight weeks of the course.
Submit your question before 12.00 midday on Monday 30 June to pick Martin Upton’s brains. You will be able to watch the Q & A session via YouTube from Thursday 3 July.
What have we got in store for Week 8 – our final week on Managing My Money?
The main subject theme in Week 8 is insurance. We will be looking at both compulsory and optional insurance, and whether optional insurance is worth having. We study when you should buy insurance, and apply the financial planning model to taking out insurance. We then move on to look at home, motor and travel insurance – and how you can keep the premiums down.
Finally, we will look at life and health insurance, and discuss what difference gender makes.
It’s all set for a great final week, with topics that you can’t afford to miss! Go to Week 8 now.
Statement of Participation:
As we’re nearing the end of the course you may like to think about ordering a Statement of Participation. These beautifully printed statements provide a record of your engagement on the course, and they are a great way to show evidence of your commitment to your career, or interest in the subject. Find out more.
There have been plenty of related stories in the news for the week commencing 23 June:
More interesting stuff:
Jonquil Lowe, who has played a key role during this course as co-lead-educator is giving a keynote speech on Monday 30 June at 18.30 (GMT+1) about ‘Why capitalism can’t deliver’ at the Student Connection Conference, which is a free online conference hosted by The Open University’s Faculty of Social Sciences and runs from 30 June – 4 July.
It’s free to register and to watch the proceedings, and you can choose whichever sessions that you are interested in during the week, so register now and make sure that you don’t miss it.
There’s more info on OpenLearn’s Taking it further section which is dedicated to the topics in Managing My Money. This week make sure you have a look at The pensions timebomb – a fascinating set of tracks which investigate the events, scandals and regulations that have shocked the pension system.
Have a search on Twitter using the #FLMyMoney14 course hashtag to bring you the chat and latest news surrounding the course, as well as following @OUFreeLearning to receive updates, info and news regarding all of the free learning The Open University has to offer.
Many thanks for all of your contributions and hard work so far – keep it up!
Enjoy the final week of Managing My Money. We hope you find it interesting and enjoyable.
The Open University MOOC Team