Financial Lifecycle

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Financial Lifecycle

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Stage 3: Growth/Development

Age mid 30's - mid 50's

*Wages can begin to rise. *Most begin to settle and start families. *A bigger sense of responsibility develops. *Large mount of income spent on mortgage/rent.

Stage 5: Retirement

Age 70+

*Rely on pension for income. *Most have mortgage paid off. *more of a dependent on healthcare services.

Stage 1: Dependance

Ages 0 - 20

*Living at home with parents/guardians *Little income = Xmas, birthdays, communion. *Depend almost entirely on parents . *Gov. give parents Child Benefit €140 per child up to the age of 18.

Stage 4: Maturity

Age Mid 50's to late 60's

*Reach the peak of career = income reaches max. *Put children through school/college. *Some retire early.

Stage 2: Independence

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Age 21 - mid 30's

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*Taking up 1st full-time job *Earn own income. Not dependent on parents. *Find own place to live.(mortgage) *Travelling the world. *A lot of setbacks can occure at this stage

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