Written By: Elizabeth P. Davis and Ruth Ann Carr

The objective of this study was to determine if the presence and formality of spending plans (budgets) varied across the life cycle. Data were collected from a sample of non metropolitan households in Kansas. Stages of the life cycle were based on a modification of Duvall and Hill’s (1948) stages of family development. Results indicated that while most respondents in all stages had some kind of a budget, only a minority had written budgets. Respondents in the retirement age stage were least likely to have any kind of budget, and least likely to have a written budget. However, they were most likely to have a budget that covered a period longer than one month. Implications for financial advising and education are discussed. KEYWORDS: budgets, life cycle

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