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Understanding the personal life cycle

Understanding the personal life cycle. Childhood (0-12). Late Adult (Old Age). Adolescence (teenagers). Middle Adult (Middle Age). Young Adult. The personal life cycle. Throughout this progression, incomes will change significantly. Needs & Wants.

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Understanding the personal life cycle

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  1. Understanding the personal life cycle

  2. Childhood (0-12) Late Adult (Old Age) Adolescence (teenagers) Middle Adult (Middle Age) Young Adult The personal life cycle • Throughout this progression, incomes will change significantly

  3. Needs & Wants • Needs (those things people need to survive – ie: water and heating) and Wants (the things that make life more enjoyable) also change a circumstances change. • At all stages of the personal life cycle, incomes are likely to be limited. They are a ‘SCARCE RESOURCE’. • Needs and wants, however, are likely to be UNLIMITED. • People have to decide between the purchases that are essential (NEEDS) and those that are not (WANTS).

  4. Key milestones in the personal life cycle • Important events (‘milestones’) in the personal life cycle will affect our finances. • Leaving school • Gaining employment • Promotion • Unemployment • Retirement

  5. How the government affects stages of the personal life cycle • There are many points in people’s lives when they may need additional financial help from the government. This is provided through the benefits system: • Education Maintenance Allowance (EMA) • Tax Credits (reduces income tax that low-paid workers have to pay) • Jobcentre Plus offices provide benefits and services to help people to find work (Jobseeker’s Allowance), start their own business, help individuals manage in low-paid jobs or help with work-related accidents or illness. • Pensions

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