Understanding UK Personal Finance: 10 Essential Terms Explained

London, UK – Financial education content creator Will Gryba, known as Will Gryba | NGPF, recently released a short video outlining 10 essential personal finance terms. Aimed at a UK audience, the video provides clear and concise definitions for common financial concepts. Gryba, speaking from his car, explained terms such as 'tax-free allowance,' which is the amount of income an individual can earn before paying income tax, and 'National Insurance,' a tax contributing to public services like the NHS and state pension. He also covered 'ISA' (Individual Savings Account), highlighting its tax-free returns on savings or investments. Further terms demystified in the video include 'credit score,' a numerical representation of one's borrowing and repayment reliability; 'direct debit' and 'standing order,' explaining how companies or individuals can automate payments; 'pension,' as a joint savings pot for retirement; and 'emergency fund,' emphasizing its importance for unexpected expenses. The video concluded with a definition of 'APR' (Annual Percentage Rate), detailing the total cost of borrowing money annually, including interest and fees.