5.1.2 Savings and the life course
In the table are the various stages of the life course and the motives for savings. Take a look at these points in the life course and then at the motives for saving.
| Life course stage | Motives for saving |
|---|---|
| Young, single | Car, house |
| Young couple, no children | House |
| Couple with dependent children | Saving for children's future, retirement |
| Single with dependent children | Saving for children's future, retirement |
| Older couple with nearly independent children | Savings for childrens future, retirement |
| Older, single, no children | Retirement |
| Older couple with independent children | Retirement |
| Couple, retired | Use savings for income, bequests |
| Single, retired | Use savings for income, bequests |
Households are often targeted by the marketing departments of financial institutions according to their stage in the life course and their type of household. These are significant factors in the selling of different types of saving and investment products.
What are your reasons for saving money?
Figure _unit5.2.2 Figure 2 Savings behaviour and life events