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
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
Now have a look at the case studies
out this page
and complete the studies by hand by filling in the blank spaces
in each of the studies.
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?
Study 2: Yasmin
has three children between the ages of 14 and 19 all
living at home. Her two younger children are still at
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
but can no longer live on his own as he needs a lot of care.
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
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?