Personal Lfe Cycle
The personal life cycle is a typical sequece of stages and events that happen to people during their lfetimes. There are 10 dfferent life cycles.
They are birth and infanthood (0–2 years),Childhood – preschool (2–5 years), Childhood – school (5–12 years), Teenager (13–19 years), Young adult (18–25 years), Mature adult (16–40 years), Middle age (41–60 years), Late middle age (55–65 years), Old age (65+), Death (at any point in the cycle, but more likely here).
Typical Life Events
There are typical life events where people start going to school, getting jobs, start saving up for something they want to buy, learn how to drive or also leave home. Providers use the typical life events of the personal life cycle to create financial products which helps the people with their financial needs.
Marketing companies classify people into different groups according to different characteristics. This is to help businesses, such as financial services providers, to understand their customers.