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Financial immunity development at every stage of life

Financial immunity is an ability to effectively manage finances and ensure financial stability at different periods of life. This immunity can be built at every stage of life, considering specific financial goals and circumstances, writes the online publication Deccan Herald.
Financial immunity development at every stage of life

Financial immunity is usually divided into several stages of life.

Childhood and adolescence

Teach your children the basics of financial planning, budgeting and money management. This can be done through games or through discussing the family budget. Children often receive small money from their parents for completing simple errands, for example, mowing the lawn or cleaning the house.

At this age, it is necessary to talk about advantages that savings provide. Help your children put some of their money into a piggy bank or savings account. Teach them the value of savings.


One should invest in their education and professional development. This will help increase earnings and career opportunities.

Every person, regardless of age, lifestyle, financial and social status, risks life and health every day. That is why it's so important to have a financial cushion.

Formulate your savings goal, it will determine how much money will be needed and by what moment. These are usually long-term large-scale tasks - to save money for retirement, to provide start-up capital for a business.

According to experts, it is vital to start from comfortable amounts, when deciding to sign up for an endowment life insurance contract; otherwise unaffordable premiums can ruin your plans. It is not recommended to miss the deadline for making contributions, as this will adversely affect the further conditions of the program. If there is a need to change certain contract terms, one needs to contact the insurer and come to a mutual agreement between the parties, fixed in writing.

Family life

If you have a family, discuss a common budget with your partner.

Develop a plan for financial responsibilities assignment.

On top of that, it is recommended for family people to have an emergency fund. Life insurance companies can also help you create a financial reserve in case of unexpected events, such as health problems or the death of family member. In the event of death, life insurance is valid in a limited number of cases. Financial compensation is paid to beneficiaries upon the death of the insured person from:

  • natural causes
  • previous diseases,
  • emergencies,
  • third parties activities.

Insurers assess risks when concluding contracts with all clients. Special algorithms are usually used. Based on these calculations, the policy price for a specific person is formed. It is influenced by following:

  • Gender and age, which give rise to determining the likely life expectancy of the policyholder;
  • Person’s occupation, since working in dangerous or harmful conditions shortens the post-retirement survival period;
  • State of health of individual.

Insurance companies view men as customers at increased risk of injury and premature death. The cost of insurance policy for women may be 1.5–2 times lower.

Pension planning

When planning retirement, it is important to consult financial advisors. They will help determine a comfortable amount of income in old age. People should look at coverage, safety and liquidity before purchasing an annuity plan.


Photos are from open sources.

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