2.3 Life Events

Question 1

Location

Answer 1

• Where a person lives can influence their life events

E.g.
starting and ending full-time education and getting a permanent job.

Question 2

Typical events at birth/infant hood and child (preschool)

Answer 2

Birth
Learns to walk 🚼
Learns to talk 🗣️

Nursery and preschool
Makes friends 👧🧒
Learns through playing with toys and friends 🧸

Question 3

Examples of financial requirements for birth and infanthood

Answer 3

• Parents or guardians pay for everything they need.

Relatives may save money for the child if they have any spare income

Question 4

Typical life events at childhood (school)

Answer 4

Starts school
Makes longer-term friends
Learns skills such as reading and writing, riding a bicycle, swimming and other sports, playing a musical instrument

Question 5

Examples of financial requirements at childhood (school)

Answer 5

• May receive pocket money to spend on wants.🪙
• Needs and some wants met by parents.
• Relatives may put money into savings for the child’s future.🔮

Question 6

Typical life a events for teenagers

Answer 6

Starts a part-time job 👩‍💼
examinations 📝
college or sixth form📚
Learns to drive 🚗
Develops closer relationships with peers and adults outside the family
May leave home 🏡 🚶‍♀️

Question 7

Examples of financial requirements for teenagers

Answer 7

• allowance from parents or guardians
• earnings from a part-time job. 👩‍💼
• If they leave home they will become responsible for paying 🍽️
• Likely to save for aspirations such as 🚗

Question 8

Typical life events for young adults

Answer 8

• Moves away from 🏡
• Goes to university or training 🏋️
• Gains qualifications 📜
• Starts a full-time job May be unemployed

Question 9

Examples of financial requirements for young adults

Answer 9

• needs and wants
• a loan for further education or training.
• If they find a job = earnings , might be low.📉
  If not, receive benefits.
• May find it difficult to save.

Question 10

Typical life events for mature adults

Answer 10

Career promotions/ changes
Marriage / civil partnership 💍
Children 👧
Buys property 🏡
Buys a car 🚗
Travels abroad ✈️

Question 11

Examples of financial requirements for mature adults

Answer 11

• Earnings may increase if they are employed.
• pay for a wedding and honeymoon.
• Couples without children may be able to save for aspirations.🚫👧
• Buying a home and / or a car usually 🏡🚗
  (involves borrowing money from financial services providers and sometimes relatives)

Question 12

Typical life events for middle age to later Middle Ages

Answer 12

• Career promotions/ changes
• Children leave home
• Pays off mortgage and other debts
• Early retirement

Question 13

Examples of financial requirements for middle/ later Middle Ages

Answer 13

• paid off their debts
• save for old age.
• Career changes
  ( redundant and retraining for a different role)
  Early retirement ( voluntary or poor health.)

Question 14

Typical life events for old age / retirement

Answer 14

Retirement
Part-time job
Leisure interests and hobbies
Care home

Question 15

Examples of financial requirements for old age / retirement

Answer 15

• Income = state pension and other pension arrangements they have made
  While working.
• might supplement their income with a part-time job.
  -poor health, may need to pay for a care home.

Question 16

Typical life events for death

Answer 16

In preparation for death people:
• make arrangements for their funeral
* make a will

Question 17

Examples of financial requirements for death

Answer 17

• life assurance policy to repay debts and pay money to their dependants when they die.
• They may pre-pay for their funeral.

Question 18

Income

Answer 18

The amount of money people have coming in from earnings, benefits, a pension or other sources

Question 19

Health

Answer 19

• long-term poor health or disabilities may have a shorter life expectancy
• may need ongoing medical treatment and specialist equipment and may be unable to work.

Question 20

Status

Answer 20

As a person moves through their life cycle, their social status changes,
Age
Experiences.

Question 21

Unforeseen circumstances

Answer 21

These can be positive. For instance, an unexpected inheritance,

Sometimes, however, the unforeseen circumstance is a negative one

Some unforeseen circumstances are linked to the economic situation, and again they may be positive or negative.