1 / 5

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.

menefer
Télécharger la présentation

Understanding the personal life cycle

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related