A financial life cycles is a series of stages which most people pass through dduring their lives. Each stage is different in terms of financial goals, income, spending and risk.
Pension are financial products that pay out money to people who have retired from work. In order to receive a pension they have to pay regular contributions during their working lives.
Paypath is a system operated by banks in order for salaries paid directly into a current account.
ATM - automated teller machine.
Standing order - are planned automatic electronic payments of a regular fixed amount of money out of a current account yo someone else's account.
Direct debit - are planned automatic electronic payments of a variable amount of money at regular times to someone else's account.
Credit transfer are a way of making once - off electronic money transfers from your bank to another account.
Cheque - are small documents that you can fill in requesting your ano to pay money from your account to whoever's account on a written cheque. They ate not legal tender.
Bank drafts - are like cheque bit instead are written by the bank and are guaranteed not to "bounce".