Role of Money Flashcards
What are the Life Stages?
There are 5 Life Stages. Childhood Adolescence Young Adult (Very big stage which can encompass a wide range of different scenarios depending upon life choices) Middle Age Old Age
What are Childhood Financial Needs?
Limited needs
Mainly reliant on parents
May want to buy sweets or toys
What are Childhood Implications
Money received from presents
Parents or grandparents have a savings accounts
Rely on Pocket Money
What are Adolescence Financial Needs?
Want to be more independent
Slightly less reliant on parents as want to socialise away from family
What are Adolescence Implications?
Look for a part-time job
Partially reliant on Pocket Money
Receive money as gifts then maybe save up for a big purchase
What are Young Adults Financial Needs?
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.
What are Young Adults Implications?
May take a student loan for university Borrow money for a car May take out a mortgage Required to earn money to support self and others Eligible for credit or debit card
What are Middle Age Financial Needs?
Support family
Start saving for children’s future
Look to improve own lifestyle
Enjoy having access to additional money
What are Middle Age Implications?
Savings account for a specific purpose
Paying the mortgage
Planning own future through pensions and retirements plans
Stage of life where income peaks but with high expenditure
What are Old Age Financial Needs?
Fewer dependents
May downsize
Fewer financial needs for assets but may be higher for services e.g health care
What are Old Age Implications?
Mortgage payments stop or lower
Less income as reliant on a pension rather than a salary
