Money words, one line each.

An extra month's pay, usually paid in December. Whether it is required, an employer's choice or taxed differently depends on the country.

A US workplace retirement plan, named after a section of the tax code. Pay goes in before income tax (or after tax, in a Roth 401(k)), employers often add matching contributions, and the IRS sets a yearly contribution limit; taking money out before age 59½ usually adds a 10% extra tax.as of October 2026

A starting budget: 50% of take-home pay for needs, 30% for wants and 20% for savings or debt.

A US savings plan for education costs, sponsored by states, state agencies or educational institutions: investment growth is free of federal income tax when the money is spent on qualified education expenses.as of October 2026

A temporary block placed on an account by a bank, a regulator, a court or law enforcement, stopping money going out, coming in, or both.

• UK · Account freezing order: a magistrates' court (the sheriff in Scotland) can freeze an account for up to 2 years when the money is suspected to come from, or be meant for, crimeas of October 2026
• Nigeria · Freezing order; post no debit (PND): a court can order a bank to freeze an account the EFCC believes holds the proceeds of a financial crime (EFCC Act, s.34); banks call a block that lets money in but none out "post no debit"as of October 2026
• Japan · Account suspension under the Furikome Sagi Relief Act: a bank stops dealings on an account it suspects was used for fraud, and the money left in it can be paid out to the victims; the Deposit Insurance Corporation publishes the noticesas of October 2026

Written instructions that tell your bank who is authorised to operate your account and under what conditions.

The process of bringing a dormant account back into use, often with fresh identity checks.

An official record from your bank listing every transaction, balance change, and fee in your account over a chosen period.

A criminal getting control of your bank or shopping account, often with stolen or reused passwords.

An actuary's estimate of what an insurer or a pension scheme will have to pay out in future, compared with the money set aside to pay it; it decides reserves and contribution levels.

A fraud demanding an upfront fee to release a prize, loan, inheritance or other money that does not exist.

• US · Advance-fee loan ban (Telemarketing Sales Rule): a company selling by phone may not ask for payment before it delivers a loan or credit it has promisedas of October 2026
• UK · Advance fee fraud: named as a fraud type by the UK government's Stop! Think Fraud campaign: an upfront payment for goods, services or money that do not exist, with inheritance, loan, lottery, recovery and recruitment fraud among its formsas of October 2026
• Nigeria · Advance Fee Fraud Act: obtaining money or property by false pretences, advance-fee schemes included, is an offence under the Advance Fee Fraud and Other Fraud Related Offences Act 2006as of October 2026
• Japan · Yūshi hoshōkin sagi (loan guarantee-deposit fraud): a loan is promised, a "guarantee fee" is paid up front and no loan follows; police list it as a type of special fraud (tokushu sagi)as of October 2026

Banking services — deposits, withdrawals and transfers — offered by shops or individuals acting for a licensed bank, often where there is no branch nearby. The cash and e-money an agent keeps on hand to serve customers is its float.

• UK · Post Office banking: deposits and withdrawals at Post Office counters for customers of most UK banksas of October 2026
• Nigeria · POS agents; super-agents: agents act for CBN-licensed banks and mobile-money operators, under CBN rules; cash-outs are capped at ₦100,000 a day and ₦500,000 a week per customer, and ₦1.2 million a day per agentas of October 2026
• Japan · Bank agency (ginkō dairigyō): firms licensed under the Banking Act can take deposits and process loans for a bank; post offices act as agents of Japan Post Bankas of October 2026

Anti-Money Laundering — rules banks follow to detect and report transactions that may be disguising illegally obtained funds.

Paying off a loan through regular instalments that cover interest and principal.

A yearly charge some cards and accounts carry just for keeping them open.

The true yearly cost of borrowing, combining the interest rate and mandatory fees into one comparable figure.

• US · APR: disclosed under the Truth in Lending Actas of October 2026
• UK · Representative APR: the rate at least 51% of borrowers are expected to get; a credit advert must show it when it quotes a rate or other cost figures (FCA rules, CONC 3.5)as of October 2026
• Japan · Jisshitsu nenritsu (effective annual rate): the effective annual rate lenders show under the Money Lending Business Actas of October 2026

The yearly return on savings including the effect of compounding, so accounts can be compared like for like.

• US · APY: required in savings-account disclosures under the Truth in Savings Actas of October 2026
• UK · AER (annual equivalent rate): the UK name for the same measure — what the interest rate would be if interest were paid and compounded once a yearas of October 2026

A contract that turns a lump sum into a regular income, often for the rest of your life.

Anything you own that has value — cash, savings, investments, property, a car.

How your money is split between kinds of assets such as shares, bonds and cash.

A trick at busy ATMs: a "helper" watches the PIN being typed, swaps the card for a lookalike, then empties the account.

A fee for withdrawing cash from an ATM that is not run by your own bank.

• US · Out-of-network surcharge: set by the ATM's operator, who must show it on screen (or on paper) before the customer is committed to paying itas of October 2026
• UK · LINK network: most withdrawals across the LINK network are free; a machine that charges must show the charge on screen and let the user cancel without paying itas of October 2026
• Nigeria · CBN ATM fees: ₦100 per ₦20,000 withdrawn at another bank's ATM inside a bank branch; at one elsewhere, ₦100 plus a surcharge of up to ₦500, per ₦20,000 withdrawn (from 1 March 2025)as of October 2026

A scheduled instruction that moves a set amount from your main account to savings on a chosen day without manual action.

Putting workers into a workplace pension or retirement plan by default, so that they save unless they choose to opt out.

• US · Automatic enrollment (SECURE 2.0): 401(k) and 403(b) plans set up on or after 29 December 2022 must enrol eligible employees for plan years beginning after 31 December 2024, at 3% to 10% of pay at first, rising one point a year to at least 10% (at most 15%); businesses under 3 years old or with 10 or fewer employees, church and government plans are exempt, and employees can opt outas of October 2026
• UK · Automatic enrolment: employers must enrol workers aged 22 to State Pension age who earn at least £10,000 a year; at least 8% of qualifying earnings goes in, at least 3% from the employer, and a worker can opt outas of October 2026

A large final repayment at the end of a loan, after smaller regular payments — found, for example, in some car-finance deals.

The numbers that identify a bank account, so payments reach it.

• US · Routing number and account number: a 9-digit ABA routing number identifies the bankas of October 2026
• UK · Sort code and account number: a 6-digit sort code and an 8-digit account numberas of October 2026
• Nigeria · NUBAN: the 10-digit account number every Nigerian bank uses, under the CBN's NUBAN standardas of October 2026
• Japan · Bank code, branch code and account number: 4, 3 and 7 digitsas of October 2026

A legal seizure of money directly from a bank account, usually to settle an unpaid tax debt or a court judgment. Each country has its own process and name for it.

• US · Bank levy: a seizure from an account ordered by the IRS or a courtas of October 2026
• UK · Third-party debt order (England and Wales): a court order that freezes money in a debtor's account so it can be paid to the creditor (Civil Procedure Rules, Part 72); Scotland and Northern Ireland have their own procedures, and in the UK "bank levy" means a tax on banksas of October 2026
• Nigeria · Garnishee order: a court order that attaches money a bank or other third party holds for the judgment debtor and makes it pay the judgment debt (Sheriffs and Civil Process Act, ss.83–92)as of October 2026
• Japan · Sashiosae (attachment of claims): a court order attaching a debtor's bank deposits so that the creditor can be paid (Civil Execution Act)as of October 2026

A cheque a bank draws on its own funds after the customer pays it upfront, so it does not depend on the buyer's balance — used for big purchases such as land or a car. Forged drafts do exist. Also called a banker's draft, a cashier's check or a manager's cheque.

Matching your personal spending records against your bank statement to find differences or catch errors.

A rush of depositors withdrawing at once because they fear their bank will fail.

A legal process for a person or business that cannot pay their debts: assets may be sold to repay creditors, or a court-approved plan repays part of the debts, and most of what is left is then written off.

• US · Chapter 7 and Chapter 13 bankruptcy: Chapter 7 sells a debtor's non-exempt property and usually ends in a discharge of the debts; Chapter 13 lets a person with regular income keep property and catch up through a repayment planas of October 2026
• UK · Bankruptcy; debt relief order; IVA: a person can apply online to become bankrupt (the fee is £680); a debt relief order and an individual voluntary arrangement are other formal options; Scotland and Northern Ireland have their own bankruptcy processesas of October 2026
• Japan · Jiko hasan; kojin saisei: a district court can declare a person bankrupt and then discharge the remaining debts (Bankruptcy Act), or approve an individual rehabilitation plan that repays part of them (Civil Rehabilitation Act)as of October 2026

The fixed core of your pay before allowances, overtime or bonuses. Some benefits and deductions are worked out on basic pay rather than the whole package.

A fall of 20% or more in a market from its recent peak.

A person or organisation that receives money: a saved recipient in your banking app (also called a payee), or the person who receives a pension, an insurance payout or an inheritance.

A list in your health plan that shows exactly which treatments are covered and up to what amount.

The gap between the highest price buyers offer and the lowest price sellers accept — a hidden cost of trading.

Money a working person is expected to give parents, siblings and extended family, often as a regular part of the budget.

A share in a large, long-established company with a record of steady earnings.

Buy now, pay later: splitting a purchase into instalments, often interest-free if every payment arrives on time.

A loan you make to a government or company, repaid with interest.

The fixed interest a bond pays each year, as a percentage of its face value.

Free additional shares given to existing shareholders, proportional to what they already own.

A payment your bank refuses because the account lacks the funds — often with fees on both sides.

• Nigeria · Dud cheque: issuing one to obtain goods or credit is an offence under the Dishonoured Cheques (Offences) Act 1977as of October 2026
• Japan · Fuwatari (dishonoured bill or cheque): two dishonoured bills or cheques within six months bar the issuer from current-account and lending dealings with the clearing house's member banks for two years; the clearing house is due to stop exchanging paper bills and cheques at the start of FY2027 (April 2027), as they move to electronic meansas of October 2026

A fee or interest reduction charged when you withdraw from a fixed-term savings product before its maturity date.

A plan for where your income will go, made before you spend it.

Spending more than comes in over a period: for a government, spending above its revenue in a year; for a household, spending above income before the next pay date.

A regular check-in — weekly or monthly — where you compare actual spending against your plan and adjust the next period accordingly.

When income exceeds spending for the month — the leftover available to save, invest, or reduce debt.

The difference between what you planned to spend and what you actually spent in a given period.

A member-owned mutual whose main business is home loans funded by its members' savings.

• US · Mutual savings association (savings and loan): owned by its depositors, who are its members; most focus on home mortgage lending and retail deposits, and a federal charter exists under the Home Owners' Loan Actas of October 2026
• UK · Building society: under the Building Societies Act 1986 (s.5), a society's purpose or principal purpose is making loans secured on residential property, funded substantially by its members; savings in one are protected by the FSCS, as bank deposits areas of October 2026

A long rise in market prices, often of 20% or more from a low.

Lenders sending your repayment records to credit bureaus so future lenders can see your track record.

A shop or business that buys and sells foreign currency in cash; most countries require it to be licensed or registered.

A formal challenge to an entry on your credit file you believe is wrong; the bureau must look into it and correct any error, in many countries within a legal time limit.

• US · Dispute under the Fair Credit Reporting Act: a credit bureau has 30 days to investigate a disputed entryas of October 2026
• UK · Notice of correction (Consumer Credit Act 1974, s.159): the credit reference agency must say within 28 days whether it has removed or changed the entry; if it has not, the person can add a notice of correction of up to 200 wordsas of October 2026
• Japan · Correction request (Act on the Protection of Personal Information, art. 34): a credit information body, like any business holding personal data, must investigate without delay and correct data that are untrue, then tell the person the result; the law sets no fixed number of daysas of October 2026

Bank Verification Number: an 11-digit number from the CBN that links all of a person's bank accounts in Nigeria to one identity. BVNs tied to confirmed fraud go on a watch-list that bars new accounts; under the Global Standing Instruction (GSI), a lender can recover an unpaid loan from any account linked to the borrower's BVN; and Nigerians living abroad can enrol too. Fraudsters try to "harvest" BVNs through fake forms and calls.as of October 2026

The profit when you sell something for more than you paid.

Tax on the profit from selling an asset for more than you paid for it.

• US · Capital gains tax: most gains on assets held over a year are taxed at 0%, 15% or 20%, depending on taxable income; gains on assets held a year or less are taxed as ordinary incomeas of October 2026
• UK · Capital Gains Tax: 18% or 24%, depending on the person's income tax band, on gains above a £3,000 yearly tax-free allowance (2026/27); selling one's own home is usually tax-freeas of October 2026
• Nigeria · Chargeable gains (Nigeria Tax Act 2025): since 2026 taxed as part of income tax — an individual's at the income tax bands, a company's at 0% or 30% — replacing the old flat 10%as of October 2026
• Japan · Separate taxation of share gains: gains on listed shares are taxed apart from other income at 20.315% in all: 15% income tax, 5% residents' tax and a 0.315% reconstruction surtaxas of October 2026

The loss when you sell an investment for less than you paid for it.

A fixed amount per enrolled person that a health insurer or health system pays a doctor, clinic or hospital each period, however often the person is seen.

A one-off charge for a new or replacement bank card.

Copying a card's data with a hidden device on an ATM or payment terminal so criminals can clone the card.

Taking cash out with a credit card — usually with a fee, a higher rate, and interest from the very first day.

The money coming in and going out over a period; positive when more comes in than goes out.

A reward that returns a percentage of what you spend, paid by a card issuer, bank, app or retailer.

Nigeria's central-bank limits on cash withdrawals, part of its cashless policy. From 1 January 2026, cash deposits carry no limit or fee, and withdrawals above ₦500,000 a week for an individual (₦5 million for a company) are charged 3% (5% for a company) on the amount above the limit.as of October 2026

The institution that issues a country's money, sets its key interest rate and oversees its banks.

• US · Federal Reserveas of October 2026
• UK · Bank of Englandas of October 2026
• Nigeria · Central Bank of Nigeriaas of October 2026
• Japan · Bank of Japanas of October 2026

A reversal of a card payment that the card issuer starts, under the card schemes' rules, when a purchase is disputed or unauthorised. Some countries also give cardholders statutory rights alongside chargebacks.

• US · Fair Credit Billing Act: billing errors on a credit card can be disputed within 60 days of the statementas of October 2026
• UK · Section 75 (Consumer Credit Act): the credit-card issuer is jointly liable with the seller for a single item costing over £100 and up to £30,000 (Consumer Credit Act 1974)as of October 2026
• Nigeria · CBN chargeback rules: banks must settle disputed ATM, POS and online card payments within time limits the CBN setsas of October 2026
• Japan · Right to suspend payment (shiharai teishi no kōben): on goods or services bought on instalments or revolving credit, the buyer can refuse to pay the card company if they were not supplied or are defective; purchases below a set total are excluded (Installment Sales Act, arts. 30-4 and 30-5)as of October 2026

When a buyer makes a legitimate payment, then falsely disputes it to claw back money while keeping goods or services.

The process by which an insurer reviews, approves, and pays out money owed on a valid claim.

The process of reconciling and confirming payment instructions between banks before actual funds are moved.

Fees paid to complete a property purchase — legal, valuation and registration — on top of the price.

Someone who takes joint legal responsibility for a loan alongside the primary applicant from the start.

A fixed amount you pay toward a covered medical service, with the insurer paying the rest.

An asset you pledge to a lender, which it can take if you do not repay.

A savings account designed to make early withdrawal difficult, helping you resist the urge to spend prematurely.

Interest earned on earlier interest as well as on the original amount.

How often earned interest is added back to your balance so it can itself earn more interest.

Motor insurance that covers more than the legal minimum, including damage to your own car.

• US · Comprehensive and collision coverage: "comprehensive" is the part of a policy that pays for your own car after theft, fire, hail and other damage that is not a crash; "collision" covers crash damageas of October 2026
• UK · Fully comprehensive: adds accidental damage to your own car to third-party, fire and theft coveras of October 2026
• Nigeria · Comprehensive motor insurance: covers damage to your own car as well as the third-party cover the law requiresas of October 2026
• Japan · Sharyō hoken (own-damage cover): an optional part of voluntary motor insurance (nin'i hoken) that pays for your own car; the compulsory jibaiseki covers only injury to othersas of October 2026

Insurance the law requires, such as third-party cover for cars, which is compulsory in most countries.

• US · Auto liability insurance: bodily-injury and property-damage liability cover are required in most statesas of October 2026
• UK · Third-party motor; employers' liability: required by the Road Traffic Act 1988 and the Employers' Liability (Compulsory Insurance) Act 1969as of October 2026
• Nigeria · Motor third-party and others: motor third-party, buildings under construction and other covers are compulsory under the Nigerian Insurance Industry Reform Act 2025as of October 2026
• Japan · Jibaiseki: compulsory automobile liability insurance for every vehicle; it pays for injury to other people, not for damage to propertyas of October 2026

An index tracking the price of a typical basket of goods and services, used to measure inflation.

• US · Bureau of Labor Statistics: publishes the official CPIas of October 2026
• UK · Office for National Statistics: publishes the official CPIas of October 2026
• Nigeria · National Bureau of Statistics: publishes the official CPIas of October 2026
• Japan · Statistics Bureau of Japan: publishes the official CPIas of October 2026

Paying by tapping a card or phone on a reader, usually without a PIN for small amounts.

Cover for your belongings against theft, fire or damage, whether you rent or own your home.

A temporary, approved pause in your regular savings or pension contributions without closing the account.

Inflation with volatile food and energy prices left out, to show the underlying trend.

A bank that holds accounts for and processes transactions on behalf of another bank in a different country.

Investing a fixed amount on a regular schedule regardless of price, reducing the risk of buying at a peak.

What it costs to pay for the basics — housing, food, transport — in a particular place and time.

A local tax on homes in England, Scotland and Wales, set by the local council and based on the property's valuation band. A person living alone usually gets a 25% discount.as of October 2026

A temporary proof-of-insurance document issued immediately while your full policy certificate is being processed.

Hackers using stolen username-and-password lists from other data breaches to try logging into your bank or wallet accounts.

An informal term for having serious defaults on your credit record, which makes new credit from regulated lenders hard to get. Credit bureaus keep records, not a formal "blacklist".

A company that collects people's borrowing records and sells reports and scores to lenders.

• US · Equifax, Experian, TransUnion: the three nationwide credit bureausas of October 2026
• UK · Experian, Equifax, TransUnion: the three main credit reference agenciesas of October 2026
• Nigeria · Licensed private credit bureaus; CRMS: credit bureaus licensed by the CBN, plus the CBN's own Credit Risk Management System (CRMS), to which banks must report larger loansas of October 2026
• Japan · CIC, JICC, KSC: the three credit information bodies; KSC is run by the Japanese Bankers Associationas of October 2026

A card that lets you borrow up to a limit and repay later; any balance not repaid in full is charged interest.

Your permission — usually granted when you apply for a loan — allowing a lender to access your bureau credit file.

Locking your credit file so lenders cannot check it — which stops fraudsters opening credit in your name.

• US · Security freeze: free at each of the three nationwide credit bureaus under federal law, since 21 September 2018as of October 2026
• UK · Protective Registration: there is no credit freeze; Cifas Protective Registration is a paid warning flag against your name in the Cifas National Fraud Database (not on the credit file) that tells Cifas member lenders to make extra checksas of October 2026
• Japan · Self-declaration (honnin shinkoku): a note a person asks a credit information body to add to their own file — for example, that their ID card was lost or stolenas of October 2026

The most a lender lets you owe on a card or credit line.

A grade from a rating agency on how likely a government or company is to repay its debts.

Improving a damaged credit record — getting errors corrected and building a record of on-time repayments — and also the paid services that offer to do it, which some countries regulate.

The record of your borrowing and repayments kept by a credit bureau, which lenders read before they lend.

• US · Free credit reports: each of the three nationwide credit bureaus gives a free report once a week through AnnualCreditReport.com, and federal law guarantees one free report a year from eachas of October 2026
• UK · Statutory credit report: free from each credit reference agency on request; the agency generally has one month to replyas of October 2026
• Japan · Disclosure (kaiji): CIC, one of the credit information bodies, charges ¥500 online or ¥1,500 by post for a copy of a person's fileas of October 2026

A number lenders use to judge how reliably you repay.

A member-owned financial co-operative that takes its members' savings and lends to them, often formed around a workplace, a trade, a community or a faith.

• US · Credit unions: member-owned; accounts at a federally insured credit union are insured by the NCUA's Share Insurance Fund up to $250,000, backed by the full faith and credit of the United Statesas of October 2026
• UK · Credit unions: member-owned; savings in one are protected by the FSCS up to £120,000 per person per firm, as at banks and building societies (from 1 December 2025)as of October 2026
• Nigeria · Co-operative societies: registered under the Nigerian Co-operative Societies Act; a society whose objects include lending to its members sets the loan conditions in its bye-lawsas of October 2026
• Japan · Shinkin banks and credit co-operatives (shin'yō kumiai): co-operative deposit-takers; their deposits are covered by Japan's deposit insurance up to ¥10 million of principal per depositor per institution, plus interestas of October 2026

The share of your available credit you are using; lower usage generally helps your credit score.

How likely you are to repay a loan on time, judged by your income, history, and existing debts.

Digital money secured by cryptography and recorded on a blockchain, with a price that can swing wildly.

A fall in a currency's market value against other currencies, without an official decision (unlike a devaluation).

An everyday bank account for spending — card, transfers and bills — that usually pays little or no interest.

Fake social-media pages claiming to sell cars seized by the customs service at auction for a fraction of their value.

A habit of setting aside a small fixed amount every day, often through an app or, in some countries, a door-to-door collector.

The most a bank lets a customer send in one day, often set separately for each channel (app, phone, branch).

A card that spends money straight from your bank account, so you cannot spend more than you have unless an overdraft is set up.

Paying off debts from the highest interest rate to the lowest, which costs the least in total.

A firm that chases overdue debts for a lender or after buying them, bound by rules on how it may contact you.

• US · Fair Debt Collection Practices Act: collectors may not call before 8am or after 9pm, or harass or misleadas of October 2026
• UK · FCA rules (CONC 7): firms must treat customers in arrears fairly and may not put them under pressureas of October 2026
• Nigeria · FCCPC DEON Regulations 2025 (digital lenders): registered digital lenders declare that their recovery practices are consistent with fair-lending principles under the Federal Competition and Consumer Protection Act 2018 and the Nigeria Data Protection Act 2023 (Form 002), and their apps may have no access to a borrower's contacts, call logs or photos (Form 001, item 15)as of October 2026
• Japan · Money Lending Business Act: no contact between 9pm and 8am without good reasonas of October 2026

Replacing several debts with one loan, usually to get a lower rate and a single monthly payment.

A lender officially cancelling part or all of what you owe — rare, usually for extreme hardship or policy schemes.

An officially approved pause on debt repayments for a fixed period, giving a borrower breathing room during hardship.

Changing a loan's terms — a lower rate, a longer repayment period or a reduced balance — to make repayments manageable again. Pushing payment dates later is called rescheduling; extending a loan for a fee is a rollover, which raises the total owed each time it is repeated.

Paying off debts from the smallest balance to the largest, for quick wins that keep you going.

Your monthly debt payments as a share of your gross monthly income; lenders use it to judge what you can afford.

The part of an insurance claim you pay yourself before the insurer pays.

A legal document that transfers a right — such as a lease, a debt or an interest in land — from one person to another.

AI-cloned audio of a trusted person's voice is used to pressure you into an urgent, fraudulent money transfer.

Failing to repay a debt as agreed, which damages your credit record and can lead to collection.

A formal written warning from your lender that you have missed payments and must pay within a stated deadline or face consequences.

A general fall in prices; it sounds good, but it can stall spending, wages and borrowing.

A government-backed scheme that repays bank savers up to a limit if their bank fails.

• US · FDIC: $250,000 per depositor, per insured bank, for each account ownership categoryas of October 2026
• UK · FSCS: £120,000 per eligible person, per authorised bank or building society (from 1 December 2025)as of October 2026
• Nigeria · NDIC: ₦5 million per depositor at a commercial bank; ₦2 million at a microfinance, primary mortgage or payment service bankas of October 2026
• Japan · DICJ: ¥10 million of principal per depositor, per bank, plus its interest; non-interest settlement deposits in full; foreign-currency deposits are not coveredas of October 2026

The fall in an asset's value over time, as with a car or a phone.

A negative entry on a credit report — such as a default or late payment — that reduces your score and stays for years.

An official cut in a currency's value against other currencies, which makes imports dearer.

A bond a government sells to its citizens living abroad, letting them lend to their home country.

Money people working abroad send to family at home.

Deposit Insurance Corporation of Japan: it protects deposits if a bank fails — up to ¥10 million of principal per depositor, per bank, plus its interest. Settlement deposits that pay no interest are covered in full; foreign-currency deposits are not covered.as of October 2026

Permission for a company to take varying amounts from your account on agreed dates.

• US · Preauthorized transfers (ACH debits): a company needs the account holder's signed or similar authorisation, and the holder can stop a payment by telling the bank at least three business days before it is due (Regulation E)as of October 2026
• UK · Direct Debit Guarantee: the payer is told of changes in advance (normally 10 working days) and gets a full and immediate refund from their bank if a payment is taken in erroras of October 2026
• Nigeria · Direct debit scheme: collections from bank accounts under a mandate the payer gives, run under the CBN's Regulation for Direct Debit Scheme in Nigeria (revised 2018)as of October 2026
• Japan · Kōza furikae (account transfer): the payer submits an account-transfer request so that a biller can take payments straight from their bank account; National Pension premiums, for example, can be paid this wayas of October 2026

Pay sent electronically straight into your bank account by an employer or other payer.

The rate used to turn money due in the future into its value today, as in investing and pension maths. The same words also mean the rate at which T-bills are sold below their face value, and a central bank's lending rate to banks.

A self-imposed spending limit on non-essential categories to keep lifestyle expenses from eroding savings or investment contributions.

Money left after tax and all essential bills — what you can freely choose how to use.

Non-essential purchases you choose to make — wants rather than needs.

The income you have left after tax, to spend or save.

Spreading money across different investments so one failure cannot sink the lot.

A share of a company's profit paid out to its shareholders.

A share's yearly dividend as a percentage of its price.

A fund that holds US-dollar assets, so its value in your own currency moves with the exchange rate as well as with the assets themselves.

When people price goods or save in a stronger foreign currency because they distrust the local currency's stability.

A bank account with no customer activity for a long time. The bank may restrict it, and after some years the money may move to a public fund — still the owner's to reclaim.

• US · Unclaimed property: after a dormancy period set by each state, the money passes to the state, which holds it for the owner to reclaimas of October 2026
• UK · Dormant Assets Scheme: bank and building-society balances untouched for 15 years can pass to the scheme; the owner can reclaim them at any timeas of October 2026
• Nigeria · Unclaimed Balances Trust Fund: balances dormant for 10 years move to a CBN-managed trust fund and can still be reclaimed (CBN guidelines, 2024)as of October 2026
• Japan · Dormant deposits (kyumin yokin): deposits untouched for 10 years pass to the DICJ (transfers began in 2019) and can still be reclaimed through the bankas of October 2026

A property fraud in which one plot is sold to two or more buyers, often with forged papers; registering a purchase promptly helps protect the buyer.

The part of a home's price you pay upfront; the rest is borrowed.

Your total tax divided by your total income — usually lower than your top rate.

Money set aside for surprises, kept where you can reach it at once.

Japan's earnings-related pension for company employees and civil servants, paid on top of the National Pension. The premium is 18.3% of standard monthly pay and bonuses, split equally between employer and employee.as of October 2026

Government money that holds fuel or electricity prices below what they cost to supply.

Dividing money into spending categories and stopping when a category's money runs out.

Money held by a neutral third party until the conditions of a deal are met.

A fake escrow service, often set up by the other side of the deal, that takes the victim's payment and disappears.

A utility bill worked out from an estimate instead of a meter reading.

An exchange-traded fund: a basket of investments that trades on an exchange like a single share.

The price of one currency in terms of another.

The gap between the mid-market rate and the rate you are given — a hidden fee built into most currency exchanges.

The yearly fee a fund takes, as a percentage of what you have invested.

Recording each amount spent to see where money goes.

Paid-for cover that extends a product's repair guarantee beyond the maker's warranty.

A country's official stock of foreign currency and gold, held by its central bank or finance ministry and used to support the currency and pay for imports and foreign debts. How many months of imports they could pay for is called import cover.

The original stated value of a bond or T-bill — the amount repaid to the investor at maturity.

A payment that does not go through but may still take money from your account until the bank or payment provider puts it back.

A copycat site designed to look like a real bank's portal, built to steal your username, password, and card details.

A lending app that is not licensed or registered with the authorities, which copies your phone contacts and uses them to shame or threaten you into paying.

A doctored text message, email or screenshot made to look like proof of payment, used to trick sellers into handing over goods without being paid.

Federal Deposit Insurance Corporation: the US government agency that insures deposits at member banks — up to $250,000 per depositor, per insured bank, for each account ownership category — and handles failed banks.as of October 2026

The US payroll tax for Social Security and Medicare (Federal Insurance Contributions Act). Employees pay 7.65% of wages — 6.2% for Social Security up to a yearly wage cap, plus 1.45% for Medicare — and the employer pays the same again; employees also pay an extra 0.9% Additional Medicare Tax on wages above a threshold set by filing status ($200,000 for a single filer), which employers withhold on wages over $200,000 and do not match.as of October 2026

Someone legally bound to act in your best interest, such as a trustee, or an adviser who has that duty by law.

A body that takes up a customer's complaint when a bank or other financial firm has not resolved it.

• US · CFPB complaint portal: complaints are sent on to the company, which generally responds within 15 daysas of October 2026
• UK · Financial Ombudsman Service: free; the firm first has up to 8 weeks to resolve most complaintsas of October 2026
• Nigeria · Central Bank of Nigeria (consumer complaints): takes up complaints that a bank or other CBN-regulated institution has not resolvedas of October 2026
• Japan · Financial ADR (Japanese Bankers Association): a bank customer's unresolved complaint can go to the JBA's consultation office and mediation committee, which work under the Banking Act's dispute-resolution rulesas of October 2026

A public body that licenses and supervises banks, investment firms, insurers or pension providers.

• US · OCC, Federal Reserve, FDIC and state banking departments; SEC; CFPB; state insurance departments: banks; securities, with FINRA as the SEC-overseen self-regulatory body for brokers; consumer finance; insuranceas of October 2026
• UK · FCA and PRA: how firms treat customers; the safety of banks and insurersas of October 2026
• Nigeria · CBN; SEC Nigeria; NAICOM; PenCom; FCCPC: banks and payments; investments; insurance; pensions; consumer protectionas of October 2026
• Japan · Financial Services Agency (FSA): banks, securities firms and insurersas of October 2026

A cost that is the same every month and hard to change quickly.

An interest rate that stays the same for the agreed period, so your payments do not change.

Interest calculated on your original loan amount throughout repayment — not reduced as your balance falls.

A hybrid product offering fixed-deposit-level interest while allowing limited partial withdrawals without full penalty.

A savings plan that earns interest but still allows you to withdraw at any time without penalty.

A currency value set by supply and demand in the market rather than fixed by the central bank. A country that merges several official exchange rates into one market rate is unifying its rates.

A charge, usually a percentage of the amount, that a card adds to purchases made in another currency.

A bank account that holds money in a foreign currency.

• Nigeria · Domiciliary account: a Nigerian bank account held in a foreign currency such as dollars, pounds or eurosas of October 2026
• Japan · Gaika yokin: foreign-currency deposits, which deposit insurance does not coveras of October 2026

The official channels where a scam or fraud can be reported.

• US · FTC ReportFraud; FBI IC3: consumer fraud goes to the FTC; internet crime to the FBI's Internet Crime Complaint Centeras of October 2026
• UK · Report Fraud: replaced Action Fraud for England, Wales and Northern Ireland in December 2025; in Scotland, fraud is reported to Police Scotland on 101as of October 2026
• Nigeria · EFCC: the Economic and Financial Crimes Commission takes petitions (reports) about financial crimes, online or at its officesas of October 2026
• Japan · Police consultation line #9110: the police's consultation number, which the National Police Agency lists for anyone worried about a possible fraudas of October 2026

Financial Services Compensation Scheme: the UK's protection scheme for customers of failed financial firms. It pays back eligible deposits up to £120,000 per person, per authorised bank or building society (from 1 December 2025), and also covers some investments and insurance.as of October 2026

A licensed professional or firm that decides how a fund's pooled money is invested on investors' behalf.

Japan's "hometown tax" donation scheme: a donation to a chosen local government, above a ¥2,000 personal share and within a limit set by income, is credited against income tax and residents' tax, and many towns send a thank-you gift.as of October 2026

Gross domestic product: the total value of goods and services an economy produces in a period.

Payroll fraud in which salaries are paid to people who do not exist or no longer work there.

A loan to a government that usually pays interest at set intervals and repays the money when it matures.

• US · Treasury notes and bonds: notes of 2 to 10 years and bonds of 20 or 30 years, sold by the US Treasuryas of October 2026
• UK · Gilts: issued by HM Treasury; conventional gilts pay a fixed coupon every six monthsas of October 2026
• Nigeria · FGN bonds; FGN Sukuk: issued by the Debt Management Office; FGN Sukuk pay half-yearly rent instead of interest and fund named road and bridge projectsas of October 2026
• Japan · Japanese Government Bonds (JGBs): bonds of the government of Japan, which pays interest every six months and repays the principal at maturity; managed by the Ministry of Financeas of October 2026

A government bond sold directly to individuals in small amounts.

• US · Series I and Series EE savings bonds: sold online through TreasuryDirectas of October 2026
• UK · NS&I British Savings Bonds: Guaranteed Growth and Guaranteed Income Bonds with fixed terms of 1, 2, 3 or 5 years, backed by HM Treasury; NS&I's Premium Bonds pay prizes instead of interestas of October 2026
• Nigeria · FGN savings bond: offered by the DMO every month, from ₦5,000, for 2 or 3 years, with interest paid every quarteras of October 2026
• Japan · JGBs for individuals (kojin-muke kokusai): 3-year fixed, 5-year fixed and 10-year floating-rate bondsas of October 2026

A short window after a payment's due date in which it can still be paid without a late penalty. On credit cards it usually means the interest-free time between the statement and the due date, when purchases cost no interest if the balance is paid in full.

A one-off payment some employers make after long service, separate from any pension. In everyday English, "gratuity" also means a tip.

Your pay before tax and other deductions are taken out.

Sales minus the direct cost of what was sold, as a share of sales — what a business keeps to cover everything else.

A single health insurance arrangement covering multiple people — usually employees of one company — under one policy.

Life cover an employer arranges for its staff as a group, usually paying a lump sum — often a multiple of salary — if a worker dies while employed.

• US · Group-term life insurance: the cost of the first $50,000 of cover an employer provides is not taxable pay (Internal Revenue Code section 79)as of October 2026
• UK · Death-in-service benefit: a lump sum, often a multiple of salary, that many workplace schemes pay if a worker dies while still employedas of October 2026
• Nigeria · Group life insurance (compulsory): employers covered by the Pension Reform Act 2014 (the public service, and private employers with 15 or more staff, s.2) must insure each worker's life for at least three times their yearly total pay (s.4(5))as of October 2026
• Japan · Group term life (dantai teiki hoken): offered by many employers as a staff benefit; it usually ends when the worker leavesas of October 2026

The exposure of a guarantor — a person who legally promises to repay a loan if the borrower does not. If the borrower defaults, the debt can fall on the guarantor and affect their own credit record.

A cut in value: the share a lender knocks off the value of collateral, or the part of a debt that creditors agree to give up.

Saving month by month towards the pilgrimage to Mecca, often through a dedicated savings scheme.

A lender checking your credit file because you applied for credit; several in a short time can lower your score.

The overall consumer price index figure, covering food, energy and all other goods and services — the main inflation number a national statistics office publishes. Food inflation, the rise in food prices alone, is reported as part of it.

Cover that pays some or all of your medical costs in return for regular premiums.

• US · Employer plans, Medicaid, Medicare, ACA Marketplace: employment-based cover is the most common (about 54% of people in 2024); Medicare from 65; Medicaid for some people on low incomesas of October 2026
• UK · NHS: in England, tax-funded and free at the point of use except where Parliament allows charges (NHS Constitution for England)as of October 2026
• Nigeria · NHIA; state schemes; HMOs: under the National Health Insurance Authority Act 2022, with state schemes and accredited HMOsas of October 2026
• Japan · National Health Insurance, employees' health insurance, late-stage elderly scheme: everyone is covered — from 75 by the late-stage elderly scheme; most patients pay 30% of the cost of care (20% for young children); from 70 most pay 20%, and from 75 10% (20% for those with a certain higher income, since October 2022); from 70, people with working-level income still pay 30%as of October 2026

A savings account or plan that pays an above-average interest rate, often from an online bank or app.

Health maintenance organisation: an organisation that arranges health care for its members through a network of providers. What one is, and what it covers, depends on the country.

• US · Health maintenance organization: a managed-care plan with a network of providers; care outside the network is usually not covered except in emergencies, and a referral is often needed to see a specialistas of October 2026
• Nigeria · Health maintenance organisation: an NHIA-accredited company that manages members' health insurance and pays hospitals for their careas of October 2026

The part of your home you truly own: its value minus what you still owe on the mortgage.

A US account for medical costs, open to people with a high-deductible health plan — which from 2026 includes bronze and catastrophic Marketplace plans. Contributions reduce federal taxable income (or are taken from pay before tax), growth is free of federal income tax, and withdrawals for qualified medical expenses are federally tax-free; some states, such as California, tax HSAs differently.as of October 2026

Extremely fast price rises — often defined as more than 50% a month — that wipe out the value of savings.

International Bank Account Number — a standard code that identifies one bank account for cross-border transfers. Not every country uses it.

• US · No IBAN: international payments use a SWIFT/BIC code with the routing and account numbersas of October 2026
• UK · IBAN: built from a bank code, the sort code and the account numberas of October 2026
• Nigeria · No IBAN: international payments use a SWIFT/BIC code with the 10-digit NUBANas of October 2026
• Japan · No IBAN: international payments use a SWIFT/BIC code with the bank, branch and account numbersas of October 2026

Japan's individual-type defined contribution pension: the saver chooses the investments, contributions are deducted from taxable income, and the money is normally locked until age 60. Monthly limits depend on a person's job and other pensions.as of October 2026

Someone using your personal details to borrow, buy or open accounts in your name.

A fraud in which someone pretends to be from a government agency (such as the tax office, the police or the central bank), a bank or another trusted organisation to get money or personal details.

• US · Fake IRS or government-agent calls: callers claim a tax debt or legal trouble and demand paymentas of October 2026
• UK · Fake police or HMRC calls: including "courier fraud", where a fake police officer sends someone to collect cash or cardsas of October 2026
• Nigeria · Fake CBN offers; fake EFCC officers: fraudsters pose as the CBN or the EFCC to demand an upfront fee or personal details such as a BVN; the CBN has warned the public about fake grants, loans and contracts in its nameas of October 2026
• Japan · Tokushu sagi (special fraud): phone fraud, including callers posing as police officers or as relatives in troubleas of October 2026

Price rises caused by a weaker local currency making imports — fuel, machinery, food — more expensive, which pushes costs through the economy.

Unplanned purchases made on the spot, often on emotion rather than need.

Insurance that replaces part of your income if illness or injury stops you working.

Insurance should restore you to the same financial position you were in before the loss — not let you profit from a claim.

A fund that tracks a market index by holding its investments (or a representative sample), usually at low cost.

The general rise in prices, which shrinks what money can buy.

An asset expected to hold or grow its value when inflation is high, protecting your wealth from being eroded.

A bond whose interest and repayment rise with inflation, protecting their buying power.

• US · TIPS; Series I savings bonds: TIPS principal rises and falls with the consumer price index; I bonds add an inflation rate to a fixed rateas of October 2026
• UK · Index-linked gilts: interest and repayment rise with the Retail Prices Index (RPI); from February 2030 RPI is to be calculated with the CPIH index's methodsas of October 2026
• Japan · Inflation-indexed JGBs (JGBi): 10-year bonds whose principal follows the consumer price index; those issued since 2013 repay at least their face valueas of October 2026

Theft or data theft carried out by a bank staff member or agent who misuses their privileged access to customer accounts.

A loan repaid in fixed, regular payments over a set term.

A payment between accounts at different banks that arrives within seconds, usually at any hour.

• US · FedNow; RTP: FedNow since 2023, RTP since 2017as of October 2026
• UK · Faster Payments: since 2008, run by Pay.UKas of October 2026
• Nigeria · NIP (NIBSS Instant Payment): run by NIBSS since 2011as of October 2026
• Japan · Zengin System: transfers around the clock at participating banks since October 2018as of October 2026

You must stand to lose financially if the insured item is damaged — you can only insure things you have a real stake in.

A request to your insurer to pay for a loss your policy covers.

A fee a bank charges to send money to an account at another bank.

Interest building up day by day on a balance, on savings or on debt, before it is paid or added.

A lender-granted pause on interest charges for a fixed period — your balance doesn't grow while the pause holds.

A fraudulent offer that promises unusually high, guaranteed returns to lure you into handing over money that is often never recovered.

Criminals send a fake or altered invoice so a business pays their account instead of the real supplier.

An initial public offering: the first time a company sells its shares to the public on an exchange.

Individual retirement account: a US personal retirement account with tax advantages. With a traditional IRA, contributions may be tax-deductible and withdrawals are taxed; with a Roth IRA, money goes in after tax and qualified withdrawals are tax-free. The IRS sets a yearly limit.as of October 2026

Individual Savings Account: a UK account in which interest, dividends and gains are free of UK tax. Adults can pay in up to £20,000 a year in total across their ISAs (2026/27). A Lifetime ISA, opened before age 40, takes up to £4,000 a year of that and adds a 25% government bonus, for a first home or for later life.as of October 2026

Banking that pays and charges no interest, in line with Islamic finance: banks share profits or charge fees instead.

A bank account owned by two or more people, any of whom can usually pay in and spend from it.

Know Your Customer: the identity checks a bank or other financial firm runs to confirm who you are when you open an account, and again later when it needs to.

• US · Customer Identification Program: the ID checks banks must run under section 326 of the USA PATRIOT Actas of October 2026
• UK · Money Laundering Regulations 2017: customer due-diligence rules for banks and other firmsas of October 2026
• Nigeria · Tiered KYC: Tier 1 to 3 accounts, with a BVN or NIN and more documents for higher limits (CBN)as of October 2026
• Japan · Act on Prevention of Transfer of Criminal Proceeds: identity checks when an account is openedas of October 2026

The official record of who owns land or a building, and of the rights over it.

• US · County and town land records (deed recording): deeds and other land documents are recorded in a local public register, usually kept by a county office (by town clerks in some New England states, such as Connecticut), for example the Cook County Clerk's Recordings Division in Illinois; most mortgage lenders also require a lender's title insurance policyas of October 2026
• UK · HM Land Registry: keeps the title register for England and Walesas of October 2026
• Nigeria · Certificate of Occupancy (C of O): under the Land Use Act 1978 each state's Governor grants statutory rights of occupancy, evidenced by a certificate of occupancy, and assigning or mortgaging that right needs the Governor's consent (ss.5, 9, 22)as of October 2026
• Japan · Real-property registration (fudosan toki): land and buildings, their owners and rights such as mortgages are recorded in a public register that anyone can consultas of October 2026

A contract to rent a property for a set time at a set rent.

A yearly payment some employers add before annual leave, often a share of basic salary, shown on the payslip. In everyday English, "leave allowance" more often means the number of days of paid leave a worker gets.

A fee a letting agent charges for finding a home or arranging a tenancy.

• US · Broker fee: set locally; in New York City, under the FARE Act (from 11 June 2025), the landlord pays the broker the landlord hiresas of October 2026
• UK · Tenant fees ban: most letting fees to tenants are banned in England (Tenant Fees Act 2019) and Wales (a 2019 Welsh Act); in Scotland a landlord or agent may require only rent and a refundable deposit of up to two months' rent (Rent (Scotland) Act 1984, s.82)as of October 2026
• Nigeria · Agency and legal fees (Lagos Tenancy Law 2011): the party who engages a professional — an agent or a lawyer — for the tenancy agreement pays their fee (s.11); Apapa, Ikeja GRA, Ikoyi and Victoria Island are outside the Law (s.1(3))as of October 2026
• Japan · Chukai tesuryo (brokerage fee): capped at one month's rent plus consumption tax, from landlord and tenant togetheras of October 2026

Any debt or financial obligation you owe to someone else.

Cover for the cost of harm or damage you cause to other people or their property.

A private lender licensed by the authorities to lend money.

• US · State lending licences: consumer-finance lenders are licensed by state regulators; NMLS Consumer Access shows who is licensedas of October 2026
• UK · FCA consumer-credit authorisation: a firm that lends to consumers must be authorised by the FCA, and the FCA Register shows who isas of October 2026
• Nigeria · FCCPC registration (digital lenders): consumer lending may be offered only by a lender licensed by its sector regulator, and a digital lender must be registered and licensed by the FCCPC (DEON Regulations 2025, reg. 25(4))as of October 2026
• Japan · Registered money lenders: registered under the Money Lending Business Act; the FSA publishes a register searchas of October 2026

A legal claim over property as security for a debt. A bank can also place a lien (a hold) on part of an account balance until a condition is met.

Cover that pays a sum to the people you name if you die while the policy is in force.

Spending that rises whenever income rises, so savings do not grow with income.

The full cost of something over its life: price plus running, repair and finance costs.

How quickly something can be turned into cash without losing value.

The chance that you cannot sell an investment quickly at a fair price when you need your money.

The category a lender puts a loan in according to how likely it is to be repaid, from performing to non-performing; the grades and their names vary by country and regulator.

Conditions attached to a loan agreement that borrowers must meet throughout the loan's life — breaching them can trigger recall.

The moment a lender actually sends approved loan funds into your account, ready for you to use.

A one-off charge for arranging a loan, covering the lender's administrative costs; it is often deducted from the loan before it is paid out.

How long you have to repay a loan; a longer term means smaller payments but more interest overall.

An informal arrangement between a lender and a struggling borrower to repay a problem loan without going to court.

When a bank removes a bad debt from its balance sheet for accounting purposes — the borrower still legally owes the money.

A loan as a share of the property's value; a lower ratio usually earns a better rate.

A fixed time your money must stay deposited before you can withdraw it without penalty.

A professional, either independent or on the insurer's own staff, who investigates a claim for the insurer and recommends how much should be paid.

Depositing one large amount into a savings or investment account at once, rather than spreading it across smaller regular payments.

A regular fee a bank charges for keeping an account open, or for activity on it.

Malicious software secretly installed on your device that captures your banking details and forwards them to fraudsters.

An annual percentage deducted from your investment fund to pay the managers running it.

A pension that the law requires workers, employers or both to pay into.

• US · Social Security tax: no mandatory workplace pension; the payroll tax for Social Security is 6.2% from the employee and 6.2% from the employer, up to a yearly wage capas of October 2026
• UK · Automatic enrolment: employers must enrol eligible workers in a workplace pension, with at least 8% of qualifying earnings going in, at least 3% from the employer; workers can opt outas of October 2026
• Nigeria · Contributory Pension Scheme: for workers the Pension Reform Act 2014 covers (the public service, and private employers with 15 or more staff), at least 10% from the employer and 8% from the employee, of monthly pay (never less than basic, housing and transport pay), into the worker's RSAas of October 2026
• Japan · Employees' Pension Insurance (kosei nenkin): 18.3% of standard monthly pay and bonuses, split equally between employer and employeeas of October 2026

The rate charged on your next unit of income — not on all of your income.

Cover that protects goods in transit — by sea, road, or rail — against loss, theft, or damage during shipment.

A company's share price times its number of shares — the market's price tag on the whole firm.

A scheme where a sponsor — employer or program — adds extra funds matching a portion of what you save.

The date a bond, loan or deposit ends and the principal is repaid.

The US health coverage programme for eligible people on low incomes, administered by each state under federal rules and funded jointly by the states and the federal government.as of October 2026

The US federal health insurance programme for people aged 65 or over and some younger people with disabilities. Part A covers hospital care and Part B covers doctors' services; it is partly funded by the Medicare payroll tax — 1.45% of wages from the employee and the same from the employer, plus 0.9% on high earnings.as of October 2026

A bank that serves companies and large deals rather than everyday savers.

The midpoint between the buying and selling price of a currency — the fairest benchmark for any exchange.

The smallest amount you must pay on a credit account each month.

The lowest pay an employer may legally offer, set by law.

• US · Federal minimum wage: $7.25 an hour since 24 July 2009; many states and cities set higher ratesas of October 2026
• UK · National Living Wage: £12.71 an hour for workers aged 21 and over, from 1 April 2026as of October 2026
• Nigeria · National minimum wage: ₦70,000 a month, the national minimum wage signed into law in 2024as of October 2026
• Japan · Prefectural minimum wages: set by each prefecture and revised every autumn; the FY2026 rates — a national weighted average of ¥1,177 an hour, up from ¥1,121 — take effect prefecture by prefecture between 1 October and 2 December 2026as of October 2026

A central bank's use of interest rates and the money supply to keep inflation in check and steady the economy.

The benchmark interest rate a central bank sets to control inflation and guide how expensive borrowing is economy-wide.

• US · Federal funds rate: a target range set by the Federal Open Market Committee, which has 8 scheduled meetings a yearas of October 2026
• UK · Bank Rate: set by the Bank of England's Monetary Policy Committee at 8 meetings a yearas of October 2026
• Nigeria · Monetary Policy Rate (MPR): set by the CBN's Monetary Policy Committeeas of October 2026
• Japan · Policy interest rate: the Bank of Japan's guideline for the uncollateralised overnight call rate, set at its 8 Monetary Policy Meetings a yearas of October 2026

A scam that promises to multiply your money by a secret method if you first send a small sum to "flip".

A mutual fund that pools savers' money into T-bills and other short-term debt; its yield moves with interest rates and is not guaranteed.

Someone who moves stolen money through their own account, knowingly or not, for criminals.

A long-term loan to buy property, secured on that property.

A pooled fund run by a manager that invests many people's money across many assets.

Japan's 12-digit individual number, given to every resident with a certificate of residence and used for social security, tax and disaster response.as of October 2026

A very small, short-term loan paid out instantly through a phone app, with little or no paperwork.

The public health insurance that prefectures and municipalities run together (with some trade-based National Health Insurance associations) for residents not covered by an employer's scheme — the self-employed, retirees under 75 and others. Patients usually pay 30% of the cost of care.as of October 2026

A number a government gives each person to identify them across public and private services.

• US · Social Security number (SSN): 9 digits, issued by the Social Security Administration; widely used to identify people, though it is not an ID cardas of October 2026
• Nigeria · National Identification Number (NIN): 11 digits, issued by NIMC and linked to bank accounts alongside the BVNas of October 2026
• Japan · My Number: 12 digits, given to every residentas of October 2026

UK contributions paid on earnings that build entitlement to the State Pension and some benefits. Employees pay 8% on earnings between two thresholds and 2% above the upper one (2026/27); employers pay their own contribution.as of October 2026

A personal UK reference number that records a person's National Insurance contributions and tax; it stays the same for life, and a new employer asks for it.

Japan's basic public pension. Everyone living in Japan aged 20 to 59 is enrolled: the self-employed and students pay a flat monthly premium themselves, while employees are covered through Employees' Pension Insurance. A full pension needs 40 years of contributions, and any pension needs at least 10 qualifying years.as of October 2026

The Nigeria Deposit Insurance Corporation — it insures deposits (up to ₦5m per depositor at a commercial bank) and winds up failed banks.as of October 2026

Essentials you cannot skip are needs; extras you choose are wants — the line to draw before cutting a budget.

Owing more on a loan than the thing it paid for is worth.

A loan clause in which the borrower promises not to pledge its assets as security to other lenders without the first lender's consent.

A fund's value per unit: what it owns minus what it owes, divided by the units in issue.

Everything you own minus everything you owe.

National Housing Fund: under the National Housing Fund Act as amended by the Business Facilitation Act (in force February 2023), public-sector employees earning at least the national minimum wage, and self-employed people earning the equivalent, pay 2.5% of their monthly income into the Fund; private-sector employees may contribute. Contributions earn 2% a year, or a rate the Federal Mortgage Bank of Nigeria (FMBN) sets. Contributors can apply for a housing loan through the FMBN, and a contributor who has not taken an NHF housing loan can get their contributions back at 60, or on retiring when they can no longer contribute.as of October 2026

Nigeria's National Health Insurance Authority, set up under the National Health Insurance Authority Act signed on 19 May 2022, which replaced the National Health Insurance Scheme (NHIS) Act of 1999.as of October 2026

The UK's public health service. In England, access is based on clinical need, not on ability to pay, and services are free of charge except in limited cases Parliament allows (NHS Constitution for England).as of October 2026

National Identification Number: an 11-digit number from the National Identity Management Commission (NIMC). Under CBN rules it is needed, alongside the BVN, to fully verify bank accounts.as of October 2026

Nippon Individual Savings Account: a Japanese tax-free investment account. Since 2024 a person can invest up to ¥3.6 million a year (¥1.2 million in the tsumitate, regular-saving, allowance and ¥2.4 million in the growth allowance), up to ¥18 million in total, with no time limit on the tax exemption.as of October 2026

A reduction in your premium offered by the insurer because you completed a full policy year without making any claim.

A loan 90 days or more overdue, or unlikely to be repaid in full.as of October 2026

An account a bank holds in a foreign bank, in that foreign currency, to settle international transactions smoothly.

A savings account where you must inform the bank in advance — often 30 or 90 days — before withdrawing.

Rules that let a customer share their bank data with a licensed app through a secure link, only with their consent.

• UK · Open Banking: required of the largest banks by a Competition and Markets Authority order, whose open-API data-sharing duties took effect on 13 January 2018as of October 2026
• Nigeria · CBN Open Banking framework: a regulatory framework the CBN issued in February 2021as of October 2026
• Japan · Banking Act amendment (2017, in force 2018): created registration for electronic payment intermediaries; banks must publish policies on, and work towards, open APIsas of October 2026

A central bank buying or selling securities — government bonds and bills, or its own bills — to change how much money is in the banking system: selling drains money from banks, buying adds it.

• US · Federal Reserve open market operations: the purchase and sale of securities in the open market, with a short-term objective set by the Federal Open Market Committeeas of October 2026
• UK · Bank of England market operations: the Bank lends reserves to banks through repo operations under its published Market Operations Guideas of October 2026
• Nigeria · CBN OMO bills: the Central Bank of Nigeria issues its own OMO bills, separate from the Treasury bills the federal government issuesas of October 2026
• Japan · Bank of Japan market operations: the Bank supplies funds to banks through operations such as funds-supplying operations against pooled collateral and outright purchases of Japanese government bondsas of October 2026

What you give up by choosing one use of money over another.

A one-off charge a lender deducts from your loan at disbursement in exchange for arranging the credit.

When a scammer tricks you into reading out your one-time password so they can authorise a transaction on your behalf.

A state where your total debt repayments consistently exceed what your income can comfortably support.

Spending more than your account holds, up to a limit the bank allows — usually at a cost.

Extra pay for hours worked beyond contracted hours, often at a higher rate.

• US · Fair Labor Standards Act: unless exempt, covered employees get at least time and a half their regular rate for hours over 40 in a workweekas of October 2026
• Japan · Labour Standards Act, art. 37: overtime is paid at a premium of at least 25%, work on statutory rest days at least 35%, and overtime beyond 60 hours in a month at least 50%as of October 2026

A share's price divided by its yearly earnings per share — a rough gauge of how expensive it is.

A rise in an investment's value that you have not yet locked in by selling.

An unofficial exchange rate traded outside official channels, usually where foreign currency is scarce at the official rate. The gap between the two rates is called the premium.

Deposit insurance that reaches through a pooled account to each person whose money is in it.

• US · FDIC pass-through coverage: deposits held for others can be insured as each owner's — an employee benefit plan's account, for example, up to $250,000 for each participant's shareas of October 2026
• UK · FSCS cover for client accounts: deposits a firm such as a solicitor holds for its clients in a client account are generally covered, within the FSCS's limits and conditionsas of October 2026
• Nigeria · NDIC pass-through cover: mobile money held in an operator's trust account at a bank is covered up to ₦5 million per subscriber, per bank holding the operator's trust accountas of October 2026

A small, short-term loan repaid from your next pay — with fees that work out to very high yearly rates.

Pay As You Earn in Nigeria: the employer deducts personal income tax from pay each month and pays it to the State Internal Revenue Service of the state where the employee lives. Since 1 January 2026 the bands are those of the Nigeria Tax Act 2025: the first ₦800,000 of a year's taxable income is taxed at 0%, and the top rate is 25%.as of October 2026

Pay As You Earn: the UK system in which an employer takes income tax and National Insurance from pay before paying it, using a tax code from HMRC.

A check that shows the name on the receiving account before a transfer is sent, so a wrong or fake account can be spotted.

• UK · Confirmation of Payee: in use since 2020 and run by Pay.UKas of October 2026
• Nigeria · Name enquiry: the account holder's name, shown before a NIP transfer is sentas of October 2026

Moving money to savings the day you are paid, before spending anything else.

Software that securely captures and processes card or bank payment details between a buyer and a seller.

The authorisation a payments or money-transfer company needs from a regulator before it can serve customers.

• US · FinCEN registration; state licences: money transmitters must register with FinCEN, the Treasury's financial-crimes bureau, and are licensed by state regulatorsas of October 2026
• UK · E-money or payment institution: a payment or e-money firm must be authorised or registered by the FCAas of October 2026
• Nigeria · CBN licences: mobile money operators, international money transfer operators, switches, payment solution providers and payment service banks each need a CBN licenceas of October 2026
• Japan · Funds transfer service provider: registered under the Payment Services Act; the FSA lists registered funds transfer service providersas of October 2026

The statement of your pay for a period, showing gross pay, each deduction and net pay.

Extra interest charged on top of your normal rate for every day a loan repayment is overdue.

A card payment the bank has approved but not yet settled — it already reduces the money you can spend.

Money saved during your working life, often with employer contributions, to pay you an income in retirement.

• US · Social Security; 401(k), IRA: the federal social insurance pension; workplace and personal retirement accountsas of October 2026
• UK · State Pension; workplace pensions, SIPP: the state's pension; workplace and personal pensionsas of October 2026
• Nigeria · Contributory Pension Scheme: each worker's Retirement Savings Account (RSA), run by a PFA (Pension Reform Act 2014)as of October 2026
• Japan · National Pension, Employees' Pension Insurance; iDeCo: the two public pensions; a personal pension accountas of October 2026

A one-off cash sum taken from a pension at retirement, leaving the rest to pay an income.

• UK · Tax-free lump sum: usually up to 25% of a pension pot, capped overall by the Lump Sum Allowance of £268,275 (from 6 April 2024)as of October 2026
• Nigeria · RSA lump sum: allowed if what is left can still pay a programmed withdrawal or a life annuity under PenCom's guidelinesas of October 2026
• Japan · iDeCo and corporate DC lump sum: can be taken as a lump sum, a pension or both; a lump sum is taxed as retirement income, after the retirement income deductionas of October 2026

A loan where the borrower is up to date with repayments and not yet overdue by the lender's policy threshold.

The income a person in the UK can receive each year before paying income tax: £12,570 in 2026/27, reduced by £1 for every £2 of income above £100,000.as of October 2026

A message that pretends to come from a trusted sender in order to steal your details.

Something an insurance policy says it will not cover, whatever happens.

When your insurance cover ends automatically because you missed a premium payment and the grace period passed.

Restarting your insurance cover for another term, usually by paying a new premium before the current policy expires.

A fraud that pays early investors with later investors' money until new money dries up and it collapses.

The total collection of investments you own — stocks, bonds, funds — viewed together as one picture.

Adjusting how your money is split across assets to restore your original target mix after markets move.

Theft at a card terminal — charging more than agreed, or a tampered terminal copying card details and the PIN.

A card machine that shops use to take card payments; in some countries bank agents also use one to pay out cash.

On-time repayments that lenders report to credit bureaus — a good record that can help a borrower get more credit or a lower rate.

The price you pay, monthly or yearly, to keep an insurance policy active.

A UK savings product from NS&I, backed by HM Treasury, that pays no interest: each £1 bond is entered into a monthly prize draw, with tax-free prizes from £25 to £1 million.as of October 2026

How often you choose to pay your insurance premium — monthly, quarterly, or annually.

An extra charge added to your standard premium because your personal risk profile is higher than average.

A card loaded with money in advance: you can spend only what is on it, with no credit and no overdraft.

Paying off part or all of a loan before the scheduled due date to reduce the total interest you owe.

The original sum borrowed or invested, before interest.

A bank statement showing you have enough money to support yourself abroad — a key document for visa applications.

A tax on owning or occupying property, usually paid to local government.

• US · Real property tax: levied by state and local governments on land and buildingsas of October 2026
• UK · Council tax (England, Scotland and Wales): charged by the local council according to the property's valuation bandas of October 2026
• Nigeria · Land Use Charge (Lagos State): Lagos State's yearly charge on property, which consolidates land rates, neighbourhood improvement charges and tenement rates; the owner is primarily liable, and an occupier who pays can recover it from the owneras of October 2026
• Japan · Fixed asset tax (kotei shisan-zei): standard rate 1.4% a year, paid to the municipalityas of October 2026

The official document a company or fund must publish before selling securities, detailing risks, fees and financials.

A fraud that hypes a cheap share to push its price up, then sells before it crashes.

How much your money can actually buy.

A scam that tricks you into sending money yourself, so the bank may treat the payment as authorised.

• UK · APP fraud reimbursement: payment firms must reimburse most victims of authorised push payment fraud sent by Faster Payments or CHAPS, mostly within five business days (Payment Systems Regulator)as of October 2026
• Japan · Damage recovery distribution (higai kaifuku bunpaikin): money frozen in accounts used for transfer fraud is shared out among the victims who claim itas of October 2026

A scheme that makes money from recruiting members, not from selling anything of real value.

A central bank buying bonds with newly created money to push down long-term interest rates.

Your savings rate minus inflation — the true gain in buying power your money earns.

The interest your savings earn after subtracting the effect of inflation, showing true growth in purchasing power.

A broad fall in economic activity, often marked by two quarters in a row of shrinking output.

An automatic charge on a fixed schedule — weekly, monthly — authorised once by you for subscriptions or regular bills.

Interest recalculated each period on what you still owe — so repayments get cheaper as the balance drops.

Replacing a loan with a new one, usually to get a lower rate or change the term.

When an insurer buys its own insurance from another company to limit its exposure on very large or risky policies.

The named bank staff member who looks after a customer's account — the person to call about a loan, a dispute or a large transfer. Also called an account officer.

The charge a transfer service takes to move money across borders, reducing what the recipient actually receives.

Rent paid before the period it covers — sometimes a year or more at once.

• US · New York (General Obligations Law §7-108): a landlord may take no more than one month's rent as a deposit or advance, except for seasonal homes and owner-occupied cooperative apartments; other states set their own rulesas of October 2026
• UK · England (Renters' Rights Act 2025): from 1 May 2026, a landlord may ask for at most one month's rent (28 days' rent where rent is due more often) between signing the agreement and the start of the tenancy, and no rent before it is due after thatas of October 2026
• Nigeria · Lagos Tenancy Law 2011: a landlord may not take more than a year's rent in advance from a new tenant; Apapa, Ikeja GRA, Ikoyi and Victoria Island are excludedas of October 2026

A Nigeria Tax Act 2025 deduction for tenants: 20% of the rent paid in a year, up to ₦500,000, comes off taxable income.as of October 2026

Credit you can borrow, repay and borrow again up to a limit, such as a credit card or credit line.

When a listed company offers existing shareholders the chance to buy new shares at a discounted price.

How much ups and downs in your investments you can bear, both financially and emotionally.

An online service that builds and rebalances an investment portfolio automatically from your answers.

Automatically renewing a matured savings plan or fixed deposit for another term instead of withdrawing the funds.

A fraudster builds a fake online relationship, then asks for money for an emergency.

A group of people who each pay a fixed sum into a pot at regular intervals — daily, weekly or monthly — with each member collecting the whole pot in turn. Known internationally as a ROSCA.

• US · Tanda; susu: run in many immigrant communitiesas of October 2026
• UK · Pardner: brought to Britain by Caribbean migrants of the Windrush generationas of October 2026
• Nigeria · Ajo, esusu, isusu, adashe: names used across Nigeria; often run by a trusted collectoras of October 2026
• Japan · Tanomoshi-ko, mujin; moai (Okinawa): groups with centuries of history in Japanas of October 2026

A US individual retirement account paid into from income that has already been taxed: contributions are not deductible, and qualified withdrawals, growth included, are tax-free.as of October 2026

Retirement Savings Account: the personal pension account each worker in Nigeria's Contributory Pension Scheme holds with a Pension Fund Administrator (PFA) of their choice; a Pension Fund Custodian (PFC) holds the money, and a holder may switch PFA no more than once a year. Part of the balance can go towards a home deposit under PenCom guidelines, and a worker who loses their job can, with PenCom's approval, withdraw up to 25% after four months without new work. At retirement it pays out by programmed withdrawal or a life annuity.as of October 2026

A crypto scam where a project's creators vanish with investors' money.

A shortcut: divide 72 by a yearly growth rate to estimate how many years money takes to double.

A bank account your employer credits directly each month, often unlocking overdrafts and loans tied to your income.

A short-term loan against your next payslip — repaid automatically when salary is paid into your account.

How your total pay is made up: basic salary plus any allowances (for example housing or transport), bonuses and benefits.

A bank account that pays interest on money you keep, usually with fewer ways to spend from it than a current account.

A time-bound personal commitment to save increasing or consistent amounts over a set period, often shared publicly for accountability.

The percentage a bank or app pays you annually on money you keep in a savings account — the reward for letting them hold your funds.

A named sub-account or virtual wallet ring-fenced for one specific purpose within your main savings balance.

The share of your income you put aside as savings, usually measured each month.

The agreed length of time your money is committed to a savings product before it is due to mature.

Where investors trade already-issued stocks and bonds among themselves, rather than buying direct from the issuer.

A loan backed by collateral, giving the lender a claim on your asset if you don't repay.

Money a landlord holds against damage or unpaid rent, returned at the end of the tenancy if the place is left in good order.

• US · State law (for example, California): limits and return deadlines are set by each state; California caps most deposits at one month's rent (two for some small landlords) and requires them back within 21 days of moving out (Civil Code §1950.5)as of October 2026
• UK · Tenancy deposit: in England, at most 5 weeks' rent (6 weeks if the rent is £50,000 a year or more), held in a government-approved protection schemeas of October 2026
• Nigeria · Caution fee: the usual name for a refundable tenancy deposit; in Lagos a landlord who takes one must give a separate receipt (Tenancy Law 2011, s.10)as of October 2026
• Japan · Shikikin: a deposit the landlord returns at the end of the tenancy, less unpaid rent and damage (Civil Code, art. 622-2)as of October 2026

The time between a payment and the moment the money actually reaches the recipient — for example, when a card payment reaches the merchant's account.

A lump sum paid by an employer when they end your contract — meant to cushion the financial shock of sudden job loss.

A unit of ownership in a company; its value rises and falls with the business and the market.

A fraud where criminals move your phone number to their SIM so they receive your security codes.

Interest worked out on the original amount only, never on past interest.

Savings built up month by month for a known future cost.

Self-invested personal pension: a UK personal pension in which the saver chooses the investments. Contributions get tax relief, and the money can normally be taken from age 55 (57 from 6 April 2028).as of October 2026

Phishing by text message: a fake message that tries to make you tap a link or share details.

Manipulating people emotionally or psychologically to hand over confidential information or authorise fraudulent transactions.

The US federal programme that pays retirement, disability and survivor benefits, funded by payroll taxes and run by the Social Security Administration. Benefits depend on a person's earnings record; full retirement age is 67 for people born in 1960 or later.as of October 2026

Compulsory payments from pay that fund pensions (state schemes or personal pension accounts), health care and other benefits.

• US · FICA: 7.65% from the employee (6.2% for Social Security up to a yearly wage cap, plus 1.45% for Medicare), matched by the employeras of October 2026
• UK · National Insurance: employees pay 8% on earnings between £242 and £967 a week, and 2% above; employers pay 15% above £96 a week (2026/27)as of October 2026
• Nigeria · Contributory pension: for workers the Pension Reform Act 2014 covers (the public service, and private employers with 15 or more staff), at least 8% of monthly emoluments (never less than basic, housing and transport pay) from the employee and at least 10% from the employer into the worker's RSAas of October 2026
• Japan · Employees' Pension and employment insurance premiums: taken from pay and shared with the employer; the pension premium is 18.3% of pay, split equallyas of October 2026

A 9-digit number the Social Security Administration issues to record a person's earnings. It is also the usual taxpayer number for individuals, and banks and lenders ask for it, though it is not an identity card.as of October 2026

A credit check that does not affect your score, such as checking your own file or a quick pre-approval.

A phone number a caller fakes so the call looks as if it comes from someone you trust, such as your bank.

A cryptocurrency designed to hold a steady value, usually one-for-one against a national currency.

High inflation and weak economic growth at the same time.

A tax charged on certain documents and transactions, such as buying property or shares.

• US · Real estate transfer taxes (state and local): no federal stamp duty; some states and cities tax property sales — New York State, for example, charges 0.4% of the priceas of October 2026
• UK · Stamp Duty Land Tax; stamp duty on shares: SDLT on property in England and Northern Ireland (Land and Buildings Transaction Tax in Scotland, Land Transaction Tax in Wales), and 0.5% on share purchasesas of October 2026
• Nigeria · Electronic transfer stamp duty: a flat ₦50 duty, paid by the sender, when an electronic transfer or receipt is ₦10,000 or above (Nigeria Tax Act 2025, from 1 January 2026); salary payments, money paid into your own account and transfers between your own accounts at the same bank are exemptas of October 2026
• Japan · Stamp tax (inshi-zei): charged on contracts such as property sales and loans, and on receipts of ¥50,000 or moreas of October 2026

An instruction to your bank to send the same amount to the same account on a fixed schedule.

The regular payment the UK government makes from State Pension age (66, rising to 67 between 2026 and 2028). The amount depends on a person's National Insurance record: the full new State Pension needs 35 qualifying years, and any amount needs at least 10.as of October 2026

A regulated market where the shares of listed companies are bought and sold.

• US · NYSE; Nasdaq: the two main US exchangesas of October 2026
• UK · London Stock Exchange: the UK's main exchangeas of October 2026
• Nigeria · Nigerian Exchange (NGX): Nigeria's main stock exchangeas of October 2026
• Japan · Tokyo Stock Exchange: part of Japan Exchange Groupas of October 2026

A number that tracks the prices of a group of shares, showing how a stock market as a whole is moving.

• US · S&P 500; Dow Jones Industrial Averageas of October 2026
• UK · FTSE 100; FTSE All-Shareas of October 2026
• Nigeria · NGX All-Share Indexas of October 2026
• Japan · Nikkei 225; TOPIXas of October 2026

A licensed person or firm that buys and sells shares on a stock exchange for clients, usually for a fee.

• US · Broker-dealer: brokers must be registered with the SEC or a state securities regulator, and most belong to FINRA, the SEC-overseen self-regulatory bodyas of October 2026
• UK · FCA-authorised firm: investment firms must be authorised by the FCAas of October 2026
• Nigeria · Trading License Holder (NGX): a broker-dealer licensed by Nigerian Exchange Ltd to trade on its market and registered with SEC Nigeria as a capital-market operatoras of October 2026
• Japan · Financial instruments business operator: registered with the FSAas of October 2026

A loan to pay for study, usually repaid once the student starts earning.

• US · Federal student loans: from the Department of Educationas of October 2026
• UK · Student Loans Company: repaid at 9% of income above a threshold (6% for postgraduate loans)as of October 2026
• Nigeria · NELFUND: interest-free student loans under the Student Loans (Access to Higher Education) Act 2024, repaid from pay once the graduate worksas of October 2026
• Japan · JASSO loans: Type 1 interest-free; Type 2 with interest capped at 3%as of October 2026

After paying your claim, your insurer takes over your legal right to recover that money from the party who caused the loss.

Small recurring subscriptions piling up unnoticed until they add up to a big monthly cost.

The maximum amount your insurer will pay out if you make a claim — set when you buy the policy.

Money already spent that cannot be recovered whatever is decided next, which is why economics treats it as irrelevant to future decisions.

An 8- or 11-character code, also called a BIC, that identifies a bank worldwide and is used to route international transfers.

Short-term government debt sold at a discount and repaid at face value when it matures, within a year.

• US · Treasury bills: terms from 4 to 52 weeks, sold by the US Treasury, including to individuals through TreasuryDirectas of October 2026
• UK · Treasury bills: sold at weekly tenders by the UK Debt Management Office, usually for 1, 3 or 6 months, mainly to institutionsas of October 2026
• Nigeria · Nigerian Treasury Bills (NTBs): 91, 182 or 364 days, auctioned by the CBN for the DMO; bids at or below the auction's "stop rate" winas of October 2026
• Japan · Treasury Discount Bills: issued by the Ministry of Finance for 3 months, 6 months or 1 year, mainly bought by institutionsas of October 2026

What actually reaches your account after tax and other deductions.

A savings goal you set for a specific item or amount, with your bank or app tracking progress until you reach it. Some apps let a group save together towards one shared target.

The government body that collects taxes and enforces tax law.

• US · Internal Revenue Service (IRS): administers and enforces federal tax law; states have their own tax departmentsas of October 2026
• UK · HM Revenue & Customs (HMRC): the UK's tax, payments and customs authorityas of October 2026
• Nigeria · Nigeria Revenue Service (NRS); State Internal Revenue Services: the NRS took over federal taxes from the Federal Inland Revenue Service under the Nigeria Revenue Service (Establishment) Act 2025; each state's revenue service collects its residents' personal income taxas of October 2026
• Japan · National Tax Agency (NTA): national taxesas of October 2026

An amount taken straight off your tax bill — worth more than a deduction of the same size.

An amount you may subtract from your taxable income, which reduces the tax you owe.

The number a tax authority uses to identify a person or business as a taxpayer.

• US · SSN or ITIN; EIN: individuals use a Social Security number or an ITIN; businesses an EINas of October 2026
• UK · National Insurance number; UTR: a 10-digit Unique Taxpayer Reference is used for Self Assessmentas of October 2026
• Nigeria · Tax ID: under the Nigeria Tax Administration Act 2025, an individual's NIN serves as the Tax IDas of October 2026
• Japan · My Number: the 12-digit individual number, written on tax and social-security formsas of October 2026

Money returned to you when you paid more tax during the year than you owed.

A savings or investment account in which interest, dividends or gains are free of tax, or taxed less, within yearly limits.

• US · IRA, Roth IRA; 529 plan; HSA: for retirement; education; health costsas of October 2026
• UK · ISA: up to £20,000 a year across all ISAs (2026/27); from 6 April 2027, at most £12,000 of it in cash ISAs for people under 65as of October 2026
• Nigeria · Voluntary contributions (RSA): extra savings paid into the Retirement Savings Account; the fund's income is tax-free, but income on voluntary contributions withdrawn within 5 years is taxedas of October 2026
• Japan · NISA: up to ¥3.6 million a year (¥1.2 million in the tsumitate allowance, ¥2.4 million in the growth allowance) and ¥18 million in total, since 2024as of October 2026

The amount of income a person can have each year before income tax is charged on it.

• US · Standard deduction: subtracted from income before federal income tax is worked out: $16,100 for a single filer and $32,200 for a married couple filing jointly (tax year 2026)as of October 2026
• UK · Personal Allowance: the first £12,570 of income a year is free of income tax (2026/27), reduced by £1 for every £2 of income above £100,000as of October 2026
• Nigeria · 0% band: the first ₦800,000 of a year's taxable income is taxed at 0% (Nigeria Tax Act 2025, Fourth Schedule, since 1 January 2026)as of October 2026
• Japan · Basic deduction (kiso kōjo): subtracted from total income before income tax is worked out; for 2026 it is ¥620,000 where total income is between ¥6.55 million and ¥23.5 million — the amount varies with total income, and there is none above ¥25 millionas of October 2026

Money locked with a bank for a fixed term at a fixed rate; taking it out early costs a penalty.

Someone with too little credit history for bureaus to generate a reliable score, making lenders cautious about approval.

Motor insurance that pays for injury or damage you cause to other people, but not for your own car — usually the minimum cover the law requires.

• US · Liability insurance: bodily-injury and property-damage liability cover are required in most statesas of October 2026
• UK · Third-party insurance: the legal minimum to drive or keep a vehicle on the road (Road Traffic Act 1988)as of October 2026
• Nigeria · Motor third-party insurance: compulsory under the Nigerian Insurance Industry Reform Act 2025as of October 2026
• Japan · Jibaiseki: compulsory for every vehicle; it covers injury to other people only, not damage to propertyas of October 2026

Nigeria's tiered bank accounts under CBN rules: a Tier 1 account opens with simple details plus a BVN or NIN and has low limits; Tier 2 needs both a BVN and a NIN, checked against official records; Tier 3 adds the full KYC documents and has the highest limits.as of October 2026

A period when a central bank raises its policy interest rate several times to slow borrowing and spending and bring inflation down.

How long you plan to keep money invested before you need it.

When a country imports more than it exports.

A fee a broker charges to buy or sell investments for you.

A secret numeric code you enter to authorise payments or transfers — separate from your login password for extra security.

The return of funds to a sender's account after a failed, erroneous, or disputed payment.

A second proof — a code or an app prompt — needed on top of your password.

Insuring something for less than it is worth, so a claim is paid only in part.

The insurance company that takes on your risk, sets your premium, and is legally responsible for paying valid claims.

The share of the labour force — people in work or looking for it — who have no job and are actively looking for one.

The price per unit — per kilogram or litre — that lets you compare pack sizes fairly.

Pension contributions an employer took from a worker's pay but never paid into the worker's pension. Regulators can make the employer pay them, often with penalties.

• US · Participant contributions as plan assets: money withheld from pay for a retirement plan becomes plan money as soon as it can reasonably be separated from the employer's, and for a pension plan no later than the 15th business day of the next monthas of October 2026
• UK · Unpaid contributions notice: The Pensions Regulator can order an employer to pay unpaid workplace pension contributions into the scheme by a set date (Pensions Act 2008, s.37)as of October 2026
• Nigeria · Unremitted contributions: an employer that fails to remit deducted contributions must pay them plus a penalty of at least 2% a month of the unpaid amount (Pension Reform Act 2014, s.11)as of October 2026
• Japan · Special provisions act (2007): when an employer deducted Employees' Pension premiums from pay but did not pay them, the worker's pension record is still credited (unless the worker knew), and the employer is urged to pay the missing premiums plus an additionas of October 2026

A person or platform offering to trade shares, forex or crypto for you without a licence from the country's financial regulator.

• US · FINRA BrokerCheck: a public search of registered brokers and firmsas of October 2026
• UK · FCA Register: lists the firms and people the FCA authorisesas of October 2026
• Nigeria · SEC Nigeria register: lists registered capital-market operatorsas of October 2026
• Japan · FSA registers: list the licensed financial instruments firmsas of October 2026

A loan given on your creditworthiness alone, with no asset pledged, so it usually costs more than a secured loan.

Banking by dialling short codes (they start with * and end with #) on any phone, with no internet needed.

Lending at an interest rate above the legal limit, or unfairly high, often to people with no other option.

• US · State usury laws; Military Lending Act: each state sets its own limits — New York's civil cap, for example, is 16% a year — and federal law caps credit to active-duty service members and their dependants at a 36% annual percentage rateas of October 2026
• UK · High-cost short-term credit price cap: interest and fees are capped at 0.8% a day of the amount borrowed, default fees at £15, and the total cost at 100% of the amount borrowed (FCA rules, CONC 5A)as of October 2026
• Nigeria · FCCPC monitoring of digital lending rates: no numeric cap: the FCCPC monitors interest rates on digital consumer loans to ensure they are not exploitative (DEON Regulations 2025, reg. 23)as of October 2026
• Japan · Interest Rate Restriction Act: caps loan interest at 20% a year on loans under ¥100,000, 18% from ¥100,000 to under ¥1 million, and 15% from ¥1 millionas of October 2026

A tax added at each stage of sale and paid in the end by the consumer, inside the price.

• US · Sales tax: charged by most states and many cities; there is no federal VATas of October 2026
• UK · VAT: 20% standard rateas of October 2026
• Nigeria · VAT: 7.5% (Nigeria Tax Act 2025); basic food, medical and educational items are zero-rated or exemptas of October 2026
• Japan · Consumption tax: 10%, or 8% on food and drink (not alcohol or eating out) and on subscription newspapers published at least twice a weekas of October 2026

A cost that changes month to month and that you can steer.

An interest rate that moves with a benchmark, so your payments can rise or fall.

Virtual asset service provider: the international (FATF) term for a business that exchanges, holds or transfers crypto-assets for customers.

• US · FinCEN money services business: crypto exchanges are money services businesses: they register with FinCEN, and states license them tooas of October 2026
• UK · FCA cryptoasset registration: under the Money Laundering Regulations 2017as of October 2026
• Nigeria · SEC Nigeria registration: under the Investments and Securities Act 2025as of October 2026
• Japan · Crypto-asset exchange service provider: must be registered before exchanging crypto-assets for money in Japan (Payment Services Act)as of October 2026

The time you must stay with an employer before its contributions to your pension or shares become fully yours.

Phishing by phone call: a caller pretends to be your bank or an official to get your details.

How sharply an investment's price swings up and down.

An account a foreign bank holds with your bank, in your local currency, on that foreign bank's behalf.

A set time after buying a policy during which you cannot make certain claims — especially common in health insurance.

Adding money to a mobile or fintech wallet via bank transfer, card, or cash at an agent.

Sending money directly between two mobile wallet accounts on the same platform without routing through the banking system.

A direct bank-to-bank transfer, often used for large or international payments, usually for a flat fee.

The share of a retirement pot taken out each year. Rules of thumb for it come from past market returns; what lasts depends on returns, inflation, fees and how long the money must last.

Tax taken from pay or interest at source, before the money reaches you.

• US · Federal income tax withholding: worked out by the employer from the employee's Form W-4 and the IRS withholding tablesas of October 2026
• UK · PAYE: tax codes from HMRC tell the employer how much to takeas of October 2026
• Nigeria · PAYE: the employer deducts income tax from pay on the Nigeria Tax Act 2025 bands — income up to ₦800,000 a year is tax-free and the top rate is 25% — and pays it to the tax authority of the state where the employee livesas of October 2026
• Japan · Gensen choshu: settled at the end of the year by the year-end adjustment (nenmatsu chōsei)as of October 2026

The yearly recalculation a Japanese employer makes so that the income tax taken from an employee's pay over the year matches the tax due for the year; any excess is refunded and any shortfall collected.

The income an investment pays in a year — interest or dividends — as a percentage of its price.

Total return expected on a bond if held until it matures, factoring in price, coupon, and time left.

A budget that gives all of your income a job — spending, saving or paying debt — until income minus planned spending equals zero.