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CEFS - UNIT 1 > Topic 2: The Personal Life Cycle > Flashcards

Topic 2: The Personal Life Cycle Flashcards

1
Q

What is the ‘Personal Life Cycle?’

A

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.

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2
Q

What is the typical life cycle?

A

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

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3
Q

What ages is the ‘Birth and Infanthood’ stage?

A

0-2 years old

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4
Q

What ages is the ‘Childhood (preschool)’ stage?

A

2-5 years old

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5
Q

What ages is the ‘Childhood (school)’ stage?

A

5-12 years old

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6
Q

What ages is the ‘Teenager’ stage?

A

13-19 years old

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7
Q

What ages is the ‘Young Adult’ stage?

A

18-25 years old

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8
Q

What ages is the ‘Mature adult’ stage?

A

26-40 years old

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9
Q

What ages is the ‘Middle Age’ stage?

A

41-54 years old

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10
Q

What ages is the ‘Late Middle Age’ stage?

A

55-65 years old

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11
Q

What ages is the ‘Old Age’ stage?

A

65 onwards

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12
Q

What ages is the ‘Death’ stage?

A

Possible at any age but more likely in the ‘Old Age” stage.

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13
Q

What circumstances are different at each stage?

A
  • 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)
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14
Q

What are the typical events in the ‘Birth and infanthood’ stage?

A
  • Birth
  • Learns to walk
  • Learns to talk
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15
Q

What are examples of financial requirements in the ‘Birth and infanthood’ stage?

A
  • Parents or guardians pay for everything they need.
  • Relatives may save money for the child if they have any spare income.
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16
Q

What are the typical events in the ‘Childhood (preschool)’ stage?

A
  • Nursury and preschool
  • Makes friends
  • Learns through playing with toys and friends
17
Q

What are examples of financial requirements in the ‘Childhood (preschool)’ stage?

A
  • Parents or guardians pay for everything they need.
  • Relatives may save money for the child if they have any spare income.
18
Q

What are the typical events in the ‘Childhood (school)’ stage?

A
  • Starts school
  • Makes longer-term friends
  • Learns skills such as reading and writing, riding a bicycle, swimming and other sports, playing a musical instrument
19
Q

What are examples of financial requirements in the ‘Childhood (school)’ stage?

A
  • 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.
20
Q

What are the typical events in the ‘Teenager’ stage?

A
  • 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.
21
Q

What are examples of financial requirements in the ‘Teenager’ stage?

A
  • 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.
22
Q

What are the typical events in the ‘Young Adult’ stage?

A
  • Moves away from home, goes to university or training
  • Gains qualifications
  • Starts a full-time job
  • May be unemployed
23
Q

What are examples of financial requirements in the ‘Young Adult’ stage?

A
  • 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.
24
Q

What are the typical events in the ‘Mature adult’ stage?

A
  • Career promotions
  • Career changes
  • Marriage/civil partnership
  • Children
  • Buys property
  • Buys a car
  • Travels abroad
25
Q

What are examples of financial requirements in the ‘Mature adult’ stage?

A
  • Earnings may increase if they are employed.
  • They may wish to pay for a wedding or civil partnership celebration 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.
26
Q

What are the typical events in the ‘Middle Age’ stage?

A
  • Career promotions
  • Career changes
  • Children leave home
  • Pays off mortgage and other debts
  • Early retirement
27
Q

What are examples of financial requirements in the ‘Middle Age’ stage?

A
  • In late middle age, people may find they have paid off their debts and their dependents have left home.
  • They can now save for old age.
    -Career changes may involve being made redundant and retraining for a different role.
    -Early retirement may be voluntary or because of poor health.
28
Q

What are the typical events in the ‘Late Middle Age’ stage?

A
  • Career promotions
  • Career changes
  • Children leave home
  • Pays off mortgage and other debts
  • Early retirement
29
Q

What are examples of financial requirements in the ‘Late Middle Age’ stage?

A
  • In late middle age, people may find they have paid off their debts and their dependents have left home.
  • They can now save for old age.
    -Career changes may involve being made redundant and retraining for a different role.
    -Early retirement may be voluntary or because of poor health.
30
Q

What are the typical events in the ‘Old Age’ stage?

A
  • Retirement
  • Part-time job
  • Leisure interests and hobbies
  • Care home
31
Q

What are examples of financial requirements in the ‘Old Age’ stage?

A
  • Income may be the state pension and any other pension arrangements they have made while working.
  • They may supplement their income with a part-time job.
  • If their health is poor, they may need to pay for a care home.
32
Q

What are the typical events in the ‘Death’ stage?

A

In preparation for death people:

→ Make arrangements for their funeral

→ Make a will

33
Q

What are examples of financial requirements in the ‘Death’ stage?

A
  • People may buy a life assurance policy to repay their debts and pay money to their dependents when they die.
  • They may pre-pay the funeral.
34
Q

What are Needs?

A

Needs relate to items people must have to survive, such as food, drink and a place
to live.

35
Q

What are Wants?

A

Wants are optional items that are desirable but not necessary.

36
Q

What are Aspirations?

A

Aspirations are items or experiences that people wish to have in the future

CEFS - UNIT 1 (2 decks)

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