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Chapter 1,Personal finance – setting the context, (Shipman and Stone,2019…

- - - - 2.1 Demographic change
        
        fertility rate.
        
        increasing longevity
    - - the great risk of shfitting
      - from household to government
    - - more services /products
      - more contribution to GDP
      - Financial sector deregulation and re-regulation
        
        deregulation
        
        RE-REGULATION
      - Reducing financial exclusion
    - - impact on banks
        
        the way of bank working
        
        competitiveness by other companies
      - example of changes
        
        Open banking
        
        Online platforms
        
        mobile access banking
        
        Contactless payments
        
        Mobile ,computer (apps) that reduce consumers’
        costs,
        
        Crypto-currencies
        
        The ‘blockchain’,
    - - definition
      - its components
        
        In the US
        
        . making ends meet
        
        . planning ahead
        
        . managing financial products
        
        . financial knowledge and decision-making.
        
        In the UK
        
        . making ends meet
        
        . planning ahead
        
        . organised money management
        
        . controlling spending
        
        . staying informed
        
        . choosing products.
      - impact of financial capability concept
- - - - helping
      - break up
        
        Financial stress
- - - - public sector
      - private sector
  - - - 1-Households<>corporations
        
        outflow
        
        inflow
      - Households <> government
        
        outflow
        
        inflow
      - Corporations <>government
        
        outflow
        
        inflow
      - the impact
        
        if one money flow change (up or down)
        
        impact other change money flow by same
      - How models can help us understand
        the economy
  - - - ‘slow’
      - ‘fast’
    - - Delayed rewards
      - Infrequency
      - Complexity
      - Unpredictability
      - Inertia
- - - - R-resources
      - O-options
      - G-golas
      - W-What next
      - ER-Evaluate and Review.