What you will study
This module covers four broad themes. The first theme is the importance of the changing economic and social environment to your personal finances. This is taught by placing financial topics – such as borrowing and debt; savings and investments; the housing market; and pensions – within the context of social and economic change. So, for example, you’ll examine not just the different types of mortgages available, but also explore the underlying social and economic changes such as the recent financial crisis currently affecting home ownership, interest rates, and borrowing.
The second theme is the relationship between individuals and households in financial matters, a relationship that is crucial to situating financial decisions in their real context. This relationship can include various issues, from thinking about how a couple manages their money, to the financial implications of having children, or of caring for an elderly parent, and the way the social and economic context, such as government family policies, can influence these.
The third theme considers the importance of change over the course of a lifetime. This means thinking not only about how your own income and spending plans might change, but also how such change interacts with broader social and economic change. For example, as the government and employers reduce pension provision, it’s increasingly likely that individuals will have to think ahead in order to plan and provide for their old age: this module discusses some of the options.
The final theme is financial planning. This is a crucial element of personal finance and you will explore the financial planning process, working through the four key stages: assessing your financial position; deciding upon a financial plan; acting upon this plan; and reviewing the plan. You will also learn about –and practise using – all the main tools used in personal financial planning, from personal balance sheets, to budgeting and cash-flow statements. These tools can be kept and used for your own personal use after the module.
Taken together, the knowledge and understanding you gain from studying You and your money will deliver two types of skills: skills that are highly practical and relevant in your everyday life, and academically-relevant skills that are useful for further study, particularly in social sciences, economics and business modules.
This module is particularly suitable if you are considering studying higher-level business or social sciences modules. Normally, you should have completed this module and Introduction to financial services (BD131) before studying Development of financial practice (DB124).
This module has particular relevance for anyone working in, or thinking about working in, the financial services industry such as banking and insurance. It will provide important background and contextual knowledge for anyone working in financial services. It is also relevant for people who may be offering more general financial guidance to people in their everyday lives.