Different life stages

Question 1

Childhood : financial needs

Answer 1

Limited, reliant on parents, may want pocket money for sweets and toys.

Question 2

Childhood : implications

Answer 2

Money may be received as a gift or present, children may rely on these gifts. Parents may set up savings accounts for them.

Question 3

Adolescence : financial needs

Answer 3

Being more independent, food, clothes, socialising away from parents that’s where spending is happening.

Question 4

Adolescence : implications

Answer 4

May look for part time jobs, reliant on pocket money, more likely to receive cash as a gift.

Question 5

Young adult : financial needs

Answer 5

University, starting a career, looking for more independence, buying a car and buying or renting a house, maybe getting married and having children

Question 6

Young adult : implications

Answer 6

May take a student loan, borrow money to pay for a car or purchase one finance deal, need to earn money to support themselves and others, eligible for credit and debit card.

Question 7

Middle age : financial needs

Answer 7

Support family, start saving for children’s’ future, looking to improve own lifestyle (new car, moving house), enjoy having access to additional money for holidays,

Question 8

Middle age : implications

Answer 8

Savings accounts for specific purposes, paying a mortgage, planning the future through pension and retirement plans.

Question 9

Old age: financial needs

Answer 9

Fewer dependents, may downsize, few financial needs for assets but may be higher for things such as health care.

Question 10

Old age : implications

Answer 10

Mortgage payments stop, less income as reliant on pension rather than salary.