Topic 2: The Personal Life Cycle Flashcards
(36 cards)
What is the ‘Personal Life Cycle?’
The personal life cycle is the stages people pass through between birth and death, including childhood, teenage years, young adult, mature adult and old age.
What is the typical life cycle?
1) Birth and infanthood
2) Childhood (preschool)
3) Childhood (school)
4) Teenager
5) Young adult
6) Mature adult
7) Middle age
8) Late middle age
9) Old age
10) Death
What ages is the ‘Birth and Infanthood’ stage?
0-2 years old
What ages is the ‘Childhood (preschool)’ stage?
2-5 years old
What ages is the ‘Childhood (school)’ stage?
5-12 years old
What ages is the ‘Teenager’ stage?
13-19 years old
What ages is the ‘Young Adult’ stage?
18-25 years old
What ages is the ‘Mature adult’ stage?
26-40 years old
What ages is the ‘Middle Age’ stage?
41-54 years old
What ages is the ‘Late Middle Age’ stage?
55-65 years old
What ages is the ‘Old Age’ stage?
65 onwards
What ages is the ‘Death’ stage?
Possible at any age but more likely in the ‘Old Age” stage.
What circumstances are different at each stage?
- Life events
- Levels of income
- Levels and patterns of spending
- Amounts of savings and attitudes towards savings
- Amounts of debt held and attitudes to debt
- Family sizes and structures
- Levels of Education
- Attitudes to risk (and to the future)
What are the typical events in the ‘Birth and infanthood’ stage?
- Birth
- Learns to walk
- Learns to talk
What are examples of financial requirements in the ‘Birth and infanthood’ stage?
- Parents or guardians pay for everything they need.
- Relatives may save money for the child if they have any spare income.
What are the typical events in the ‘Childhood (preschool)’ stage?
- Nursury and preschool
- Makes friends
- Learns through playing with toys and friends
What are examples of financial requirements in the ‘Childhood (preschool)’ stage?
- Parents or guardians pay for everything they need.
- Relatives may save money for the child if they have any spare income.
What are the typical events in the ‘Childhood (school)’ stage?
- Starts school
- Makes longer-term friends
- Learns skills such as reading and writing, riding a bicycle, swimming and other sports, playing a musical instrument
What are examples of financial requirements in the ‘Childhood (school)’ stage?
- 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.
What are the typical events in the ‘Teenager’ stage?
- Puberty and adolescence
- Starts a part-time job
- School tests and examinations
- Goes to college or sixth form
- Learns to drive
- Develops closer relationships with peers and adults outside of the family
- May leave home.
What are examples of financial requirements in the ‘Teenager’ stage?
- Income may include an allowance from parents or guardians and earnings from a part-time job.
- If they leave home they will become responsible for paying for their own needs as well as their wants.
- Likely to save for aspirations such as driving lessons in the future, maybe buying a car.
What are the typical events in the ‘Young Adult’ stage?
- Moves away from home, goes to university or training
- Gains qualifications
- Starts a full-time job
- May be unemployed
What are examples of financial requirements in the ‘Young Adult’ stage?
- When they leave home they will become responsible for paying for their needs as well as wants, e.g rent, household bills, food and travel.
- They may need to take out a loan to pay for further education or training.
- If they find a job they will have earnings although these may be low. If not they will receive benefits.
- May be difficult to save.
What are the typical events in the ‘Mature adult’ stage?
- Career promotions
- Career changes
- Marriage/civil partnership
- Children
- Buys property
- Buys a car
- Travels abroad
