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Lifestyles and Stages of Life
Lifestyles and Stages of Life
20
Economics
12th Grade
02/04/2013

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Term
Lifes yle Conditions t
Definition
Factors about the way a person lives and works that affect his/her financial income, needs, and expenses
Term
age
Definition
A set of consecutive ages that tend to have similar incomes, needs, and expenses
Term
dependents
Definition
People who rely on another person for primary financial support---e.g., children, spouse, other family members
Term
economic outlook
Definition
The state of the economy, whether favorable or unfavorable, as measured by economic indicators, including interest and unemployment rates
Term
education level
Definition
The highest grade in school or degree completed
Term
employment status
Definition
A person’s work circumstances, whether employed or unemployed, full-time or part-time, self- or other-employed
Term
health condition
Definition
A person’s health factors, whether sick or well, able or disabled, injured or not
Term
marital status
Definition
Whether married or single, divorced, separated, etc
Term
Financial Life Cycle
Definition
Typical stages of wealth a person accumulates during the life cycle
Term
wealth
Definition
The sum total of assets belonging to one person---including money, property, and personal possessions
Term
basic wealth protection
Definition
The stage during which most people form a family, begin to work and earn money
Term
wealth accumulation
Definition
The stage that includes the peak earning years, giving money to oneself
Term
Individual and Family Life Cycles
Definition
Typical stages of life for individuals and families
Term
beginning family
Definition
A family of young adults who marry; newlyweds
Term
expanding family
Definition
A child-bearing family; has one or more young children
Term
parenting family
Definition
A developing family, with children growing into middle childhood and early teens
Term
launching family
Definition
A family with middle-age parents and children leaving home for college, etc
Term
mid-years family
Definition
A pre-retirement famly, no children at home
Term
aging family
Definition
A family of elderly adults, usually retired
Term
variations
Definition
Families that do not follow the “typical” life cycle stages
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