People aged from 20 to 30 years usually begin to explore their professional talents and desires. While people of this age usually have income, spending increases due to lack of estate and the need to pay for rent and make other payments. Depending on occupations, making savings is hard, and people resort to borrowing money. Moreover, due to university or college attendance, students take part-time jobs in hospitality and other service-related positions, making it hard to earn enough income.
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In contrast, individuals aged between 30 and 40 have a more stable income. Yet, spending increases when families decide to have children. People with steady and well-paid jobs, for instance, in business, IT, or medical field, can avoid borrowing and are able to make savings. Moreover, individuals can increase their income by investing in a stock or real estate.
The next stage is 40-50, and individuals are usually contemptuous with what they do and do not resort to such things as borrowing money due to having a stable income and a planned budget. However, certain occupations do not allow parents to pay for their children’s education, causing them to take loans. This is especially true for individuals with lower-payed occupations, for instance, restaurant workers, cashiers, or childcare workers.
The life stage between 50 and 60 years old is usually described as the time when people prepare for retirement. Saving money, no borrowings, and decreased spending are common for people of this age. Moreover, having significant experience in the work field in such occupations as the medical field, teaching, and others usually involves bonuses and higher wages.
The next stage (between 60 and 70) is the time when various people choose to retire. Based on the previous occupations, individuals who were able to save more money can retire earlier. However, people who work in the service industry, agriculture, maintenance, or personal care resort to continuing working and make further savings while cutting down on expenses to have a financially stable retirement in the future.