Help Manny make the right financial decisions.
Manny is struggling: the money is always short. Work can be stressful, with ups and downs. Government help is there but money is always short, bills must be paid, rent or mortgage and then there are the usual unforeseen expenses.
In your mind, is Manny a [[man]] or a [[woman]]?
<img src="https://miro.medium.com/max/2048/1*kFxFrt_et9cDv2ed3XMokw.jpeg">Manny goes to the local bank and borrows at 6.8% for £7,500. [[good idea]] or [[ not a good idea]]? Shall Manny simply [[Ask Sanny]]?
At the credit union, Manny is told that in order to borrow, people have to join the credit union and start saving at least £5.
Manny thinks about the debts. [[Open a saving account]], go to the bank to get a [[small loan]] or [[Ask Sanny]]?
Incorrect. This is not a great idea.
Financial security and stability are paramount for your own future and your health.
Test your financial knowledge and, based on your results, do these simple and rewarding <a href="https://www.fincap.org.uk/en/lifestages/people-financial-difficulties">MOOCS and Webinars</a>.
Correct, the interest rate is too high.
Financial literacy is an important aspect of your stability, health and happiness. There are multiple organisations and online seminars that can help you learn the basics of financial literacy:
Read more about freely available and short <a href="https://www.fincap.org.uk/en/lifestages/people-financial-difficulties">MOOCS and Webinars</a>. Take this opportunitity to manage your finances, no matter how complicated. Your own financial independence is paramount to your own happiness and that of the people you love.
You may want to consider calling your bank or a <a href="https://www.abcul.coop/credit-unions/about-credit-unions"> credit union <a>.Manny heard about Credit Unions at work. However, she hates the paperwork and has little time to visit the premises in person.
Shall Manny [[Ask Sanny]] to look into this or shall she take some time to [[call]] the credit union?Manny is a man. He works a rather stressful job. Sanny looks after the everyday finances for him because she has finance background. What shall Manny do?
[[Ask Sanny]] or go to the bank and ask for a [[small loan]]?Manny is a woman. She works but lets Sanny, her partner, manage the finances. Work is too demanding and Sanny is more than happy to manage the everyday finances for the two of them.
What shall Manny do: Take a [[small loan]], try to get some help from a [[credit union]] or simply [[Ask Sanny]]?Sanny has a background in finance. Recently the company Sanny was working for, furloughed 50% of their staff. Sanny has taken the opportunity to go solo and start consulting. Manny works and is stressed so Sanny thinks to be sensible and best to take control over their joint accounts and their finances. All is in Manny's name, apart from their joint account and Sanny has full control over it.
Is Sanny in a privileged position compared to Manny? [[yes]], [[no]].This is the right decision to make.
Credit unions have multiple schemes that can help individuals save money automatically. Banks can also do this but Manny is better off using a Credit Union.
Credit Unions do not need to generate profit and whichever profit generated is redistributed to their members.
Having a small and private saving account can help you be more independent. Even if you do not have a stable job or work as a seasonal worker, credit unions can offer multiple solutions.
Read more about <a href="https://www.abcul.coop/credit-unions/about-credit-unions"> Credit Unions </a>.
Financial Independence is an important aspect of your life. Have a look at
<a href="https://www.fincap.org.uk/en/lifestages/people-financial-difficulties">MOOCS and Webinars</a> thathave been created to boost financial literacy.
Never let anyone take control over your finances. Correct: Sanny is in a privileged position. Manny has no control over the finances but all is in Manny's name. Sannny could manpulate the finances, put Manny in a very dangerous position and leave Manny with even more debt.
In a relationship (intimate or not) one part can look after the finances but decisions that involve money have to be made together and with the consent of both parties. Failure to have control and decisions over your own finances is considered abuse in the UK. Financial and economic abuse are not well known by victims. Only 2 in 10 people recognise these hidden forms of abuse.
Read more: <a href="https://survivingeconomicabuse.org/economic-abuse/what-is-economic-abuse/">Economic Abuse</a>
Incorrect.
Sanny is in a privileged position. Manny has no control over the finances but all is in Manny's name. Sannny could manipulate the finances, put Manny in a very dangerous position and leave Manny with even more debt.
In a relationship (intimate or not) one part can look after the finances but decisions on investments have to be taken together and with the consent of both parties. Failure to have control and decisions over your own finances is considered abuse in the UK. Financial and economic abuse are not well known by victims. Only 2 in 10 people recognise these hidden forms of abuse.
Read more: <a href="https://survivingeconomicabuse.org/economic-abuse/what-is-economic-abuse/">Economic Abuse</a>
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