Module: Personal Finance
Lecture 3 – Income
Income
Income flows from assets
- Assets (wealth) are a stock of capital – what an individual owns and that
has a monetary value.
Assets can take different forms:
- Property
- Shares, bonds, jewels, cash, artwork
- Pension fund
- You
Income is also from different sources:
- Wages and salaries
- Income from self-employment
- Investment income (dividends, interest)
- Pensions
- Social security benefits and tax credits
Sources of Income
Family Resources Survey 2016/2017
Annual survey of about 20,000 households
Sources Percentage
Wages, salaries & self-employment 71%
Benefits & tax credits 15%
Private pensions 8%
Other 5%
Significantly more working people are employees rather than self-employed
State Benefits in the UK
There are lots of different benefits available:
- Universal Credit (housing benefit, jobseekers’ allowance)
- Child Benefit
- Tax Credits
Lecture 3 – Income
Income
Income flows from assets
- Assets (wealth) are a stock of capital – what an individual owns and that
has a monetary value.
Assets can take different forms:
- Property
- Shares, bonds, jewels, cash, artwork
- Pension fund
- You
Income is also from different sources:
- Wages and salaries
- Income from self-employment
- Investment income (dividends, interest)
- Pensions
- Social security benefits and tax credits
Sources of Income
Family Resources Survey 2016/2017
Annual survey of about 20,000 households
Sources Percentage
Wages, salaries & self-employment 71%
Benefits & tax credits 15%
Private pensions 8%
Other 5%
Significantly more working people are employees rather than self-employed
State Benefits in the UK
There are lots of different benefits available:
- Universal Credit (housing benefit, jobseekers’ allowance)
- Child Benefit
- Tax Credits
