Finance - Unit 3 Flashcards
1
Q
Childhood Financial Needs
A
- Limited needs
- Mainly reliant on parents
- May want to buy sweets or toys
2
Q
Childhood Implications
A
- Money received from presents may be spent as attitude
will be that this is to buy things you want - May rely on pocket money
3
Q
Adolescence Financial Needs
A
- Want to be more independent
- Slightly less reliant on parents as want to socialise away
from family
4
Q
Adolescence Implications
A
- May look for a part-time job
- Still partially reliant on pocket money
- More likely to receive cash as gifts and may be willing to
save up smaller amounts in order to make bigger
purchases
5
Q
Young Adult Financial Needs
A
- University or starting a career
- Looking to be more independent
- Buying a car and buying or renting a flat or house
- Looking to settle down and maybe get married or start a
family
6
Q
Young Adult Implications
A
- May take a student loan if going to university
- Borrow money to pay for a car or purchase one on a
finance deal - May be looking at taking out a mortgage
- Need to earn money to support self and others
7
Q
Middle Age Financial Needs
A
- Support family
- Start saving for children’s features e.g: wedding,
university - Look to improve own life e.g: new house/car
- Enjoy having access to additional money to spend on
luxurious such as holidays
8
Q
Middle Age Implications
A
- Savings accounts for specific purposes
- Paying a mortgage
- Planning for own future through pensions and retirement
plans
9
Q
Old Age Financial Needs
A
- Fewer dependent
- May downsize e.g: retirement home
- Fewer financial needs for assets but may be higher for
services such as health care
10
Q
Old Age Implications
A
- Mortgage payments stop or become lower
- Less income as reliant on a pension rather than a salary
