Your whole life of making money is summed up in this picture

Have you ever thought about your financial situation after retirement?

Analysts at RBC Capital Market Investment Bank divide our lives into 6 different stages, according to age.

Through a report on global population trends, Jay Govender, an analyst who sees big milestones in life such as marriage or retirement, has a huge impact on everyone's financial affairs. Thereby divided into 6 stages with big changes in your work, money, and savings.

Picture 1 of Your whole life of making money is summed up in this picture
An older woman over 70 years old still works as a DJ in a bar in Poland.

  1. You were born, during your time as a child, you only spend money.
  2. You grow up and get a job, you have income, you want to save but now you also need to spend more, debts appear.
  3. Getting married and having children, you earn less money, more things have to be spent, the savings go down and the debts get bigger and bigger.
  4. As you get older, your career is now at maturity and brings good income, debts are gradually solved, saving more for old age.
  5. Retirement is when your financial problems are no longer important, you live on retirement, settle your debt and spend just enough.
  6. When you die, hope that you do not leave any debt.

Picture 2 of Your whole life of making money is summed up in this picture
Picture of RBC Capital Markets on the issue of spending of each person in life.

In fact, this picture also shows the macro issue when the population size by age greatly affects government finance, retail spending and household debt from time to time.

Described through the image of RBC, the relative description of labor and consumption trends of the current age is relatively depicted. This trend may be different in the past and will change in the future, as is the age division.