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) Buy: new, more tasteful furniture, non-necessary appliances, boats, holidays, etc. ;  6) Empty nest I. Older married coupes, no children living with them, head of family still in labor force): (a) Home ownership at peak, (b) More satisfied with financial position and money saved, (c) Interested in travel, recreation, self-education, (d) Make financial gifts and contributions, (e) Children gain qualifications and move to Stage 1. (f) Buy: luxuries, home improvements e. g. fitted kitchens etc. ;  7) Empty nest II. Older married couples, no children living at home, head of family retired): (a) Significant cut in income, (b) Keep home, (c) Buy: medical appliances or medical care, products which aid health, sleep and digestion, (d) Assist children, (e) Concern with level of savings and pension, (f) Some expenditure on hobbies and pastimes;  8) Solitary survivor I. (In labor force): (a) Income still adequate but likely to sell family home and purchase, (b) smaller accommodation. (c) Concern with level of savings and pension, (d) Some expenditure on hobbies and pastimes, (e) Worries about security and dependence;  9) Solitary survivor II. (Retired): (a) Significant cut in income, (b) Additional medical requirements, (c) Special need for attention, affection and security, (d) May Seek sheltered accommodation, (e) Possible dependence on ‘others for personal financial, (f) management and control

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