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Financial Life Cycle

TermDefinition
Personal Financial Life Cycle Shows the changing financial needs a person will have at each stage of their life.
5 stages 1. Dependence 2. Independent 3. Developing 4. Pre-Retirement 5. Retirement
Dependence During this stage you have very little concept of money, budgeting, saving or planning. You are mostly dependant on your parents/guardian.  
Independence Start to gain financial independence and secure employment. You usually have a high level of disposable income and discretionary spending due to not having any family commitments. 
Developing You are more likely to have more family members and household commitments. This would include your mortgage or rent.
Pre-Retirement You will have older children - spending on third level education. They may need to have extra health and life assurance for themselves. They may also start to put extra money into their pension.
Retirement People in this stage will no longer be working. They will be living of their saving or pension.
Impacts on Financial Life Cycle Employment Status, Age, Marital Status, Number of Dependents
Financial Planning Planning and managing your income and spending. It should be reviewed and revised
Created by: ms.ahern
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