In recent weeks I have been attending a series of parents’ evenings and something which has come up regularly is the concept of “age and stage”. I had not come across this concept before, but it is shorthand for understanding that some behaviours and actions which children take can be preordained, perfectly natural and in common with their peers. So, no need to worry!
This concept can apply to our own financial planning, retirement planning, inheritance tax planning and it is something I have found useful when allaying concerns in discussions with my clients.
The “age and stage” of a couple in their 30s/40s, where they may be planning to buy property, get married, have children, is different to a couple in their 60s. However, there are common actions and strategies that are surprisingly similar and should be put in place for both sets of clients.
Both require financial advice but for different reasons. For example, it may be protection or borrowing related for a younger couple and retirement/inheritance tax focused for the older couple. However, actions such as building a realistic budget, sticking to savings commitments and using tax advantages are very similar.
I’m also often asked the question “what do other people like me do?”. This is an opportunity to talk about good practices, comparisons with peers and highlight opportunities they have in front of them.
An enjoyable part of my work is to reassure people in this area. I help them to understand their own “age and stage”, focus on priorities suited to them now and alleviate concerns in areas that may not impact them in the short term.
It’s important to not covet or compare your situation too closely to the situation of others and reassure yourself that your own “age and stage” has its own unique set of needs and priorities and you are perfectly normal. So, no need to worry!
If you would like to review your priorities and better understand your own “age and stage”, please do not hesitate to contact me.
