Stages of the Family Life Cycle
Stages of the family life cycle:
1) Bachelor Stage. (Young single people not living at home): (a) Few financial burdens, (b) Fashion/opinion leader led, (c) Recreation orientated, (d) Buy: basic kitchen equipment, basic furniture, cars, equipment for the mating game, holidays, (e) Experiment with patterns of personal financial management and control;
2) Newly married couples (Young, no children): (a) Better off financially than they will be in the near future, (b) High levels of purchase of homes and consumer durable goods, (c) Buy: cars, fringes, cookers, life assurance, durable furniture, holidays, (d) Establish patterns of personal financial management and control;
3) Full nest I. (Youngest child under six): (a) Home purchasing at peak, (b) Liquid assets/saving low, (c) Dissatisfied with financial position and amount of money saved, (d) Reliance on credit finance, credit cards, overdrafts etc., (e) Child dominated household, (f) Buy necessities - washers, dryers, baby food and clothes, vitamins, toys, books etc.;
4) Full nest II. (Youngest child six or over): (a) Financial position better, (b) Some wives return to work, (c) Child dominated household, (d) Buy necessities - foods, cleaning material, clothes, bicycles, sports gear, music lessons, pianos, holidays etc.;
5) Full nest III. (Older married couples with dependent children.: (a) Financial position still better, (b) More wives work, (c) School and examination dominated household, (d) Some children get first jobs; other in further/higher education, (e) Expenditure to support children's further/higher education, (f) Buy: new, more tasteful furniture, non-necessary appliances, boats, holidays, etc.; Full nest 3 (Older married couples with dependent children): (a) Financial position still better, (b) More wives work, (c) School and examination dominated household, (d) Some children get first jobs; other in further/higher education, (e) Expenditure to support children's further/higher education, (f)
1) Bachelor Stage. (Young single people not living at home): (a) Few financial burdens, (b) Fashion/opinion leader led, (c) Recreation orientated, (d) Buy: basic kitchen equipment, basic furniture, cars, equipment for the mating game, holidays, (e) Experiment with patterns of personal financial management and control;
2) Newly married couples (Young, no children): (a) Better off financially than they will be in the near future, (b) High levels of purchase of homes and consumer durable goods, (c) Buy: cars, fringes, cookers, life assurance, durable furniture, holidays, (d) Establish patterns of personal financial management and control;
3) Full nest I. (Youngest child under six): (a) Home purchasing at peak, (b) Liquid assets/saving low, (c) Dissatisfied with financial position and amount of money saved, (d) Reliance on credit finance, credit cards, overdrafts etc., (e) Child dominated household, (f) Buy necessities - washers, dryers, baby food and clothes, vitamins, toys, books etc.;
4) Full nest II. (Youngest child six or over): (a) Financial position better, (b) Some wives return to work, (c) Child dominated household, (d) Buy necessities - foods, cleaning material, clothes, bicycles, sports gear, music lessons, pianos, holidays etc.;
5) Full nest III. (Older married couples with dependent children.: (a) Financial position still better, (b) More wives work, (c) School and examination dominated household, (d) Some children get first jobs; other in further/higher education, (e) Expenditure to support children's further/higher education, (f) Buy: new, more tasteful furniture, non-necessary appliances, boats, holidays, etc.; Full nest 3 (Older married couples with dependent children): (a) Financial position still better, (b) More wives work, (c) School and examination dominated household, (d) Some children get first jobs; other in further/higher education, (e) Expenditure to support children's further/higher education, (f)