Lifestages - The six stages of saving.

Understandably, with the pace of daily life it can be difficult to put your current finances into context. How can you predict where you’ll be in 20, 30 or even 40 years’ time? Everybody’s different but there are phases common to many of our lives which, when looked at together, can help you focus your financial planning. We call them ‘lifestages’ and they could be the secret to helping you to plan for your financial future.

Lifestages are periods in your life defined by your changing circumstances and responsibilities. Some stages overlap and some aspects of a lifestage may happen at a different time or not apply to you at all. No two lives are the same and these lifestages may not exactly reflect yours, but what they can do is give you a framework in which to think about your financial planning.

In the following guide, we refer to key events. These are times in your life when a new era begins and they often inspire or require a financial decision. For example, buying a home or changing your career. Some you can plan for, and some you can’t, but it’s important to consider what your future may bring, so that when you get there, you’re financially prepared.

The six stages of saving

• Starting out
• Finding your independence
• Starting a family
• Family life
• Later life
• Retirement

The information in this guide is not intended to provide advice. Before making any financial decisions, we recommend that you speak to a financial adviser. If you don’t have an adviser, visit www.unbiased.co.uk to find local independent financial advisers (IFAs) near you.