Finance is known to be the science involved in funds management and is separates into three areas: business, personal and public finance respectively.
The topics covered by the term finance include that of saving money, spending money, budgeting and lending money, as well as the concepts of time, money and risk.
Finance operates through individuals and organisations depositing money into a bank, who then lends money to other individuals and organisations with the view to aid consumption and investment. This is then fixed with interest in order to retain a profit on the funds involved.
Society and Finance
This can also be attributed to the government, where value added tax and other taxes are charged, which is then put into community interests such as education, healthcare, traffic and social services, amongst others. Operating in this form has been a wise decision and has kept the country stable, however it is through a number of factors that the UK ended up in a financial recession that in turn affected the whole of the population as prices increase, debt increased and people began to feel the pinch when looking at prospective purchasing.
Everyone is affected by finance, from the newly-born infant to the elderly individual, from a small, independent business to a huge corporation. Even charities depend completely upon financial topics. Without the ability to earn, deposit and lend money then people would not have access to seemingly simple things such as food and hygiene products, as well as important but expensive things such as housing and transport. In fact it is on the rarest occasions that an individual can afford to purchase a home free from paying rent or mortgages.
This can affect those suffering from poverty in huge ways, with many people unable to afford the mortgage repayments on their home and at risk of being evicted. For these people there is help available, at no-cost if you fall under the community care criteria. For these people the social services and local authorities employ support assistants who offer free and confidential financial advice to those in receipt of social services.
This advice includes the negotiation of arrangement with creditors, ensuring all entitlement to benefits are maximised and future financial plans. Through utilising this available help you can free yourself from financial troubles and ensure you will not be in this trouble again.
There are a number of organisations that can advise and help you with any financial issues you may have. If you feel you do not understand finances or the help that is available to you that are resources both online and at your bank. For those in receipt of any social services help you should enquire with your local authority or your social services representative about what help you may have access to. With one in three people hiding their financial worries you are not alone if you feel you are in trouble, but the sooner you start solving the problem then the closer you are to achieving a future free from financial bonds and ties.