Justify a proposed comprehensive and
integrated financial service package that is appropriate for the financial needs of two customers at different life stages.
I will be justifying a proposed comprehensive and integrated financial service package that is
appropriate for the needs of a young single professional and a student who has recently moved to
the UK.
Student who has recently moved to the UK
The student can use a saving account to save for emergencies, student fees and essentials. They may
need a job especially if they did not come with a lot of money to the UK. The savings account will
allow them to save money to look after themselves and they will gain 3% interest of their money and
this will allow their money to grow. They will be able to access the money at any time using the
regular saver account. If they get a job they can save their money in the account and they will be able
to save the money which they do not want to spend. In the future if they do not spend the money
they have a high amount including the interest they will gain on it will give them a high amount of
money. They will be able to use the money to buy a car or in long term they can save for a deposit for
a mortgage. They could also use the money for a holiday when they have saved enough and settled
in the UK properly, if their family is not in the UK with them, they can be using their savings to go and
visit the family. As the savings account does not come with a debit card they will be able to save
more to spend more in long term. The student could also use the money to buy stuff for their family,
if their family is not in the UK.
In terms of investments the student can use the world selection investment as it has a minimum
payment of £50 a month it may be affordable for the student, they will be able to manage this
investment online to see whether it is going up or down, if it was doing bad they can withdraw or
before it gets to that stage research can be accessed about the market change which will let the
student know whether to withdraw or not. If the investment does very well the student will gain a
high amount of money depending on how well it does. They will be able to use the money for rent,
emergencies and living essentials if they withdraw it. However if they leave it for long term they will
be able to buy a car if the investment does well, they will be able to use the money for holidays and a
mortgage deposit. They can even use the money received to bring the rest of their family if their
family is not in the UK with them. As tax is not paid on the money they receive, they have more
money to keep. The student can also use the money received for another investment; they can use
half of the investment or the spare out of it that they do not need or they can even save the money
in the account and gain interest on it of up to 3%.
The student can apply for loan of up to £7,500 to £20,000 which they can pay back over 12 to 60
months; the student will be able to use the loan to settle in the UK such as rent for a home to live in
and living necessities. They could also use the loan the look after their family in their country and as
they will need a job to pay back the loan, they will need to prepare for interviews and look for a job
which means they will need money for travel and preparation and they could use out of the loan to
pay for it and they could also use the loan to get around the UK as travel is not free. In the future
they could use the loan to pay for a mortgage deposit and a car as they may have settled properly in
the UK. They could also use the loan for emergencies, holidays, student fees in the UK as they are an
international student, textbooks for study and decoration of their home. The loan could also be used
to pay student accommodation.
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