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LiBF Unit 2, Question and answers, 100% Accurate, rated A+
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LiBF Unit 2, Question and answers, 100% Accurate, rated A+ 1.1 Outline the need for financial planning. - -Make better financial decisions Avoid unnecessary debt Help make decisions on savings, spending and progress in reaching goals Helps show what you have to do to get to where you want...

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  • February 21, 2023
  • 12
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • libf unit 2
  • question and answers
  • spe
  • 100 accurate
  • rated a 11 outline the need for financial planning make better financial decisions avoid unnecessary debt help make decisions on savings

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LiBF Unit 2, Question and answers,
100% Accurate, rated A+

1.1 Outline the need for financial planning. - ✔✔-Make better financial decisions

Avoid unnecessary debt

Help make decisions on savings, spending and progress in reaching goals

Helps show what you have to do to get to where you want to be



1.2 Explain the personal factors which influence financial planning. - ✔✔-Factors influenced by stage in
life cycle

Attitude to risk



Attitude to Risk - ✔✔-a. Risk tolerance - how does the individual feel about the possibility of losing
money?

b. Capacity for loss - how much money can the individual afford to lose?



Stages in life cycle - ✔✔-Childhood 0-12

Teenage 13-19

Young Adult 18-25

Mature Adult 26-40

Middle Age 41-54

Late Middle Age 55-65

Old Age 65+

Each of the stages has its own typical opportunities, challenges and needs.



1.3 Identify sources of financial planning information and advice. - ✔✔-Advisory services (CAB, Money
Advice Service, charities, financial advisers)

Financial service providers (banks, building societies, credit unions)

, Citizens Advice Bureau - ✔✔-Citizens Advice provides free, confidential and independent advice to help
people make the right choices, including help to deal with debt problems, how to avoid losing their
home and how to get their finances back into shape.



Money Advice Service - ✔✔-Free and impartial money advice, set up by government. Offers advice and
guides to help improve finances. Tools and calculators to help keep track and plan ahead. Support over
the phone and online



The Money Charity - ✔✔-empower people across the UK to build the skills, knowledge, attitudes and
behaviours, to make the most of their money throughout their lives



Financial Advisers - ✔✔-Independent financial advisers (IFAs) must recommend products and solutions
from the whole of the market



Restricted advisers can offer products from one

company or a limited number of companies



Short-term planning - ✔✔-a period of between one week and 12 months



Medium-term planning - ✔✔-a period of between one year and five years



Long-term planning - ✔✔-a period of five years or more



a need - ✔✔-something that we should - or must - have as part of our life e.g. food, shelter and clothes.



a want - ✔✔-something that a person would like or would aspire to, rather than something that they
absolutely need e.g. the latest smartphone



personal objectives - ✔✔-what the individual needs or wants

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