8/10 mark answer analysis

Evaluate why it is important for Phil to have a flexible financial plan 10 marks

This will be an analysis of what makes a good level 3 response to a 10 mark question in Unit 3 Financial studies. The Anwer will be in red and the analysis will be in Italics and black.

It is important for Phil to have a flexible financial plan becuase he can never be sure what is going to happen in terms of his financial situtation. It could be said that he needs to expect the unexpected. A financial plan needs to be adaptable in case financial circumstances chage unexpectedly. For example, Phil's hours have recently been reduced and he has now heard that they will be reduced even further. He is already in £2000 of debt, which is going to make his financial future difficult. He had decided to take out a credit card, but there is always the possibility that interest rates may change and indeed Phil has been advised by his credit card provider that the interest rate on his credit card is going to increase next month. 

in this paragraph the student tells us part of what a flexible financial plan is and then relates it to the case study. The link is explicit, so it is easy for the…