Personal finance refers to the management of an individual’s or household’s financial activities and decisions, including budgeting, saving, investing, and planning for financial goals. It involves understanding and applying financial principles to ensure that one’s income is wisely allocated towards expenses, savings, and investments. Personal finance encompasses various aspects such as managing debt, setting financial goals, planning for retirement, investing in assets, and protecting against financial risks through insurance. Effective personal finance requires knowledge of financial products, an awareness of one’s financial situation, and the discipline to make informed and strategic financial choices that align with long-term objectives. The ultimate aim of personal finance is to achieve financial stability and security, enabling individuals to live comfortably and sustainably.
A recalibration of pension points will occur in 2025, affecting retirement futures based on changes in the average income. Pension points are calculated from contributions by employees and employers, with…