Multiple Choice Question The stages in the family situation and financial needs of an adult are called the financial needs cycle family life cycle adult life cycle

The family life cycle outlines the various stages an individual or family goes through, from young adulthood to retirement. Each stage brings unique financial needs and challenges, such as starting a family, paying for education, or planning for retirement, making it essential to understand this cycle for effective financial planning. Understanding the family life cycle helps in making informed decisions at each stage, whether it's budgeting for a newborn, securing a mortgage, or saving for college. A common mistake is failing to adapt financial plans as life changes, so regularly revisiting and revising your strategy is crucial for long-term success!