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Examples

Joanne and Barry have two children - Sarah and Ryan. Barry is 44 years old and has just been made redundant from his job at the local factory. However, he has received a redundancy payment of 2000. Joanne works part-time as a shop assistant. Sarah is getting married in 12 months' time and Ryan hopes to go to university when he finishes his A levels in two years' time. Barry has a mortgage but didn't take out a mortgage protection plan, so how is he going to cope with paying the mortgage?

As Joanne and Barry's income has suddenly decreased how do you think they ought to plan for their short, medium and long term needs?

Short, Medium and Long Term Needs example

Now have a look at the case studies below.

Activity: Print out this page and complete the studies by hand by filling in the blank spaces in each of the studies.


Case Study 1: Sally and Steve have two children aged 5 and 10 but have decided to separate. Currently their joint income is around £900 a month. Sally will stay in the house with the children but does not know how she will cope with the reduced income she will receive. She has made an appointment with the local information and advice centre.

As Sally's situation will change how do you think she ought to plan for her short, medium and long term needs?

Short, Medium and Long Term Needs - Blank

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Case Study 2: Yasmin has three children between the ages of 14 and 19 all living at home. Her two younger children are still at school. Her oldest child is working as a cleaner in a local hospital where Yasmin also works. However, her father has recently been taken ill and has spent the last two months in hospital. He is now ready to be discharged but can no longer live on his own as he needs a lot of care. Unfortunantly, he has no insurance cover which could have covered hospital and nursing fees. Yasmin wants him to live with her and the children.

How do you think this will impact on Yasmin's financial situation. What do you think her short, medium and long term needs will be?

Short, Medium and Long Term Needs - Blank

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Case Study 3: Hasina and John are expecting their first child. Hasina has decided to give up her job after the baby is born. While they are both happy that they will soon be parents they are concerned about how this will impact upon them financially.

What do you think Hasina and John's short, medium and long term needs are?

Short, Medium and Long Term Needs - Blank

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