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Assignment 1, unit 31, effective management of personal debt- sophie brooks smith
Personal debt and society


My assignment covers the impact on the individual growth of personal debt, including
the three stages of wealth management in the financial life cycle. It also covers the
attitude towards debt, the normalisation of borrowing and the demographics in society
and how they link with debt.




1

, Assignment 1, unit 31, effective management of personal debt- sophie brooks smith
Personal debt and society




Financial life cycle

All humans roughly have the same needs such as food, water and shelter however they
change during the lifecycle due to more responsibilities and dependents. Also wants
vary as well also due to priorities along with their attitudes to debt.

During childhood(0-12)you have limited financial needs and rely on your parents,
grandparents or older siblings to support you and provide you with essentials such as
food, clothes and other essentials. Your parents or grandparents may set up a young
savers account which you will be able to access at 16 years old, you may also be
encouraged to put some of your birthday or christmas money into this account. Children
may not personally be in debt however their parents may, this would then affect the
child. This could result in the parents to be stressed and possibly cause arguments in
the household, this would impact the child's home life. Children are also supported by
the government as they pay for all children to attend pre-school. The government also
provides parents with £40 every other week per child.

The impact of growth of personal debt on someone going through adolescence(13-17)is
similar to childhood in the way they still rely on parents for their financial needs. During
this life stage people want to be more independent, this may be achieved by getting a
part time job on the weekend or evenings after school. People in this life stage will be
slightly less reliant on their parents however would still rely on pocket money. They may
be receiving more pocket money at this age and income from a job, this would help with
their independence as they would be able to go out to more places and start buying
their own clothes and essentials. At this age some people may begin to save money for
things like a car, their parents would be encouraging them to save more for when they
become an adult, this could prevent some debt in the future. During this life stage it
would be good to consider wealth protection, this is usually looked at during the end of
teenage years, wealth protection suggests you should try and avoid debt during this
stage in life. The impact of personal debt may only begin to personally affect someone
who is coming to the end of adolescence and starting adulthood.

During young adulthood(18-39) the impact of personal debt begins to affect many
people, this stage in life would be when you go to university, begin your career and
possibly start a family. If someone decided to go to university they would most likely
take out a student loan to finance this, their family may also provide them with some
money. People may consider buying a house at this age, this would most likely be done


2

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