ABSTRACT INCOME AND EXPENDITURE PATTERNS RELATED TO THE LIFE CYCLE by Carol Warwick Shaffer The purpose of this study was to analyze the variation in income, assets, debt and the specific expenditures studied in the 1960 Survey of Consumer Finances in relation to the stages in the life cycle as classified by the Survey Research Center and to inter- pret the findings with respect to implications for home management. The analysis provides an empirical basis for predicting demands on income over. time and provides valuable information for teaching and counseling in the area of family financial management. The 1960 survey consisted of interviews with 2, 972 spending units selected by area probability sampling to represent the population of the United States. The interviews we re conducted by well—trained persons using valid and reliable questionnaires. The raw data relevant to the variables of interest in this analysis were obtained from the Survey Research Center and were cross -tabulated. Tables found to be statistically significant at the . 001 level or higher, which also provided data of value for support or negation of hypothesis, were reported. Carol Warwick Shaffe r The major findings indicated that it is typical for the income of newly-wed couples to be higher than the mean income of all families, to decline substantially when there are preschool children in the family, then to rise gradually until the head of the family is about 50 years of age. Family income then levels off during the years prior to retirement and at retirement is sharply reduced. The majority of wives are employed outside the home immediately following marriage. Most leave the labor force when there are preschool children in the family. Many return to the labor force when their children are school age or older. During the young childless stage and the active parent- hood stages, the value of assets held by families remains low and funds are primarily invested in equity in their home or held as liquid assets. After children leave home, value of assets increases until the retirement stage. Only during the contracting family stage do families add significantly to value of assets. The pattern of asset holdings is more diversified compared with earlier stages. Young married couples with children under 18 are most likely to make extensive use of consumer and mortgage credit. The proportion of families with some debt falls off substantially after children leave home . Few older-families with no children under 18 have consumer and mortgage debt. Carol Warwick Shaffer Expenditures for durable goods are a major financial problem for families in the young married childless stage. Among families with children under 6, expenditures for laundry equipment are typical. No sharply increased outlay for durable goods occurs at any of the life cycle stages except during the beginning family stage. During the contracting stage, some replacement of equip- ment is characteristic, but staggered expenditures for maintenance and replacement of furniture items over the years is more typical than any extensive replacement of many durables within a short period of time . The main implication for home management is that the analysis of changes in resources available and demands on resources over the life cycle provides empirically based information for long- range financial planning . INCOME AND EXPENDITURE PATTERNS RELATED TO THE LIFE CYCLE BY Carol Warwick Shaffe r A THESIS Submitted to Michigan State University in partial fulfillment of the requirements for the degree of DOC TOR OF PHILOSOPHY Department of Home Management and Child Development 1964 ACKNOWLEDGEMENTS The author wishes to express appreciation to the following: Dr. Jean Schlater for her excellent direction in plan- ning the study and in supervising the preparation of the manuscript. My committee members -- Dr. Alice Thorpe, Dr. Beatrice Paolucci, Esther Everett, and Dr. Denzel Cline -- who assisted in the formulation of the problem and who read the manuscript in its later stages and suggested revisions. The Survey Research Center, Ann Arbor, Michigan, for making data available and especially to Dr. Charles Lininger and Dr. James Morgan, staff members of the Survey Research Center, for their cooperation, assistance and suggestions relative to obtaining and using the data needed for this study. My husband and children who have provided inspiration and encouragement throughout my graduate study. ii TABLE OF CONTENTS ACKNOWLEDGEMENTS OOOOOOOOOOOOO O O O O O O O O O ..... O O O O O O 0 ii LISTOFTABLES O... ........ OOOOOOOOOOOOO ...... O O 0 iii Chapter I. INTRODUCTION .............. . . ........... . . 1 Growth of Interest in Life Cycle Classification Objectives Hypotheses 11. REVIEW OF LITERATURE ........... . . .......... 9 Prior Research in the Area Life Cycle Classification III. METHODOLOGY ................. . .......... . . . . . 29 IV. CHARACTERISTICS OF THE LIFE CYCLE STAGES . . 36 V INCOME ......... . ......... . ..... . . ...... . ...... 59 VI. ASSETHOLDINGS ............. 97 VII. DEBT POSITION ............... . ..... . ........... 119 VIII. EXPENDITURES ...... ......... 133 IX. SUMMARY AND CONCLUSIONS ................... 163 Support or Negation of Hypotheses Implication for Home Management Theoretical Implications Usefulness of Data from the Survey of Consumer Finances BIBLIOGRAPHY ..... . . . . . ....... OOOOOOOOOOOOOOOOOOOOOO.195 iii LIST OF TAB LES Table 4.1 Age of Head Within Life Cycle Stages ................. 4. 2 Sex of Head Within Life Cycle Stages . . ........... . . . . 4. 3 Marital Status Within Life Cycle Stages ............... 4. 4 Relation of Number of Children to Marital Status ...... 4. 5 Number of Adults Within Life Cycle Stages ........... 4. 6 Length of Marriage Within Life Cycle Stages .......... 4. 7 Number of Children Within Life Cycle Stages .......... 4. 8 Age of Oldest Child Within Life Cycle Stages . . ........ 4. 9 Number of Adults Plus Number of Children Within Life Cycle Stages ............................... 4. 10 Age of Youngest Child Within Life Cycle Stages ........ 4. 11 Age of Youngest Child Within Age Groups .............. 4. 12 Marital Status Within Age Groups . ................... 5.1 Family Income Quintiles Within Age Groups .......... 5. 2 Family Income Quintiles Within Life Cycle Stages ..... 5. 3 Total Spending Unit Income Within Life Cycle Stages . . 5. 4 Disposable Income Within Life Cycle Stages ........... 5. 5 Income Change Within Life Cycle Stages .............. 5. 6 Education of Head Within Life Cycle Stages ........... 5. 7 Occupation Within Life Cycle Stages . . . . . . ....... . . . . . 5. 8 Capital Income Within Life Cycle Stages . . . . . . ........ 5. 9 Transfer Payments Within Life Cycle Stages .......... 5.10 Employment Income of Head Within Life Cycle Stages 5. 11 Employment Income of Wife Within Life Cycle Stages . . . 5. 12 Proportion of Earned Income Earned by Wife WithinLifeCycleStages ....... WW. 5. 13 Number of Members Receiving Employment Income Within Life Cycle Stages . . . . . . . ........ . . . . ..... 5.14 Number of Weeks Wife Worked Full- or Part-Time Within Life Cycle Stages .. ........ 5. 15 Spending Unit Employment Income Within Life Cycle Stages ................. . . . . . . ..... . ..... 5. l6 Proportion of Total Income Received by Wife Within Life Cycle Stages .. ....... 6. 1 Total Liquid Assets Within Life Cycle Stages .......... 6. 2 Pattern of Liquid Asset Holdings Within Life Cycle Stages ................. ............ 6. 3 Equity in House Within Life Cycle Stages .............. iv Page 47 48 49 50 51 52 53 54 55 56 57 58 81 82 83 84 85 86 87 88 89 9O 91 92 93 94 95 96 111 113 0‘0‘ 00 co 0) 000000 . 4 Total Value of Real Estate Other Than Own Home Within Life Cycle Stages . . . ................... 114 5 Value of Stocks Within Life Cycle Stages ........... 115 6 Value of Assets Within Life Cycle Stages . ..... . . . . . 116 . 7 Number and Pattern of Asset Holdings Within Life Cycle Stages ......... . . . ............... 117 . 8 Value of Assets Within Age Groups ................. 118 ..1 Amount of House Mortgage Within Life Cycle Stages . . 129 Remaining Total Debt on Durables Within Life Cycle Stages ................ .. ........ 130 . 3 Total Remaining Installment Debt Within Life CycleStages ................. 131 . 4 Remaining Total Debt on All Cars Within Life CycleStages .. .......... ..... 132 . 1 Housing Status Within Life Cycle Stages . . ...... . . . . 152. Length of Occupancy of Housing Within Life CycleStages .. .......... 153 . 3 Monthly Rent Brackets Within Life Cycle Stages ..... 154 . 4 Total Monthly Mortgage Payments Within Life Cycle Stages 155 . 5 House Value Within Life Cycle Stages . . . . . . . . . . . . . . . 156 - . 6 Total Expenditures on Repairs and Additions Within Life Cycle Stages . . . . . . . . . ...... . . . . . 157 . 7 Number of Rooms in House or Apartment Within Life Cycle Stages ...... ............... 158 . 8 Percent Who Bought Durables Within Life - Cycle Stages .... 159 . 9 Net Outlay on Durables Within Life Cycle Stages ..... 160 . 10 Life Insurance Ownership Within Life Cycle Stages . . . 161 . 11 Life Insurance‘Premiums Within Life Cycle Stages . . . 162 3.1.1.11! .llu Llll. I11 I10. ’1! . CHAPTER I INT RODUC TION Growth of Interest in Life Cycle Classification The concept of life cycle is an important tool for the analysis and teaching of the economic problems of families. This concept has received theoretical attention but only limited empirical study. It is a relatively new concept which hypothesizes that the ebb and flow of income and the demands upon it follow rather characteristic patterns as the family progresses through the stages of the life cycle. In the thirties, Howard Bigelow,l a noted family economist, refined the concept of family life cycle, listing seven different stages in relation to the use of money. Gross and Crandallz stated that for some time following this little attention was paid to the influence of the stage of the family life cycle on family financial management and as late as March, 1948, when the Bureau of Labor Statistics published the Workers' Budgets in the United States, the importance of the life cycle was only suggested in the following statement: It is quite possible that there are significant differences between 'young' families and 'old' families in the amount of income required w v V v ‘v' 7" 1Howard F. Bigelow, ”Toward a Theory of Family Finance," Journal of Home Economics, Vol. 32 (April, 1931), pp. 325-32. ZIrma H. Gross and E. W. Crandall, Management for Mofdern Families (New York: Appleton-Century-Crofts, 1954), pp. 115-16. to maintain the same level of living. Such differences need to be explored in further analysis of family living data . . . . When the National Conference on Family Life was held in Washington, D.C. , in May, 1948, its entire approach was based on the family life cycle classified into three major stages - beginning family, expanding family, and contracting family. In a paper by Lansing and Kish,3 "Family Life Cycle as an Independent Variable, “ the authors proposed family life cycle as an alternative variable more significant than the age of a person or the age of the head of the family as a variable in social research. Using data from the 1955 Survey of Consumer Finances, six economic characteristics were related to age classes . and to stage in the family life cycle. The economic characteristics were: ( 1) percent of spending units who own their own homes, (2) per- cent of spending units who have any debts, (3) percent of spending units including a working wife, (4) percent of spending units with income over $4, 000, (5) percent of spending units who bought a new car in one year, and (6) percent of spending units who bought a television set in one year. For each of these six characteristics, stage in the life cycle proved itself superior in "explanatory" power to age classes. The authors expressed the view that they believed family life cycle should be adopted more widely in social research as an independent variable to be used in place of or parallel to age. ——‘ v— v— v—r vr ’John Lansing and J. Kish, "Family Life Cycle as an Inde- pendent Variable,” American Sociological Review, XXII (October, 1957), pp. 512-19. 1 F I I In home management literature, the concept of variation in income and expenditure patterns related to stage in the life cycle has been extensively discussed in texts such as those by Nickell and Dorsey4 and by Gross and Crandall.5 Nickell and Dorsey6 schematically described both lifetime and annual income profiles based on broad occupational groups. Gross pointed out that "while not statistically derived, these "7 Concern profiles help visualize the flow of incomes for these groups. for planning with respect to fluctuating annual income and long term income was stressed in home management literature but no statistical data had been analyzed to ascertain the real nature of this problem area. In family economics literature, one author in particular, 8 stressed the importance of family life cycle in an Howard Bigelow, analysis of family financial planning. He stressed the importance of seeing the life of the family not as a year-to-year picture, but as a whole, planning for expenditures throughout the entire life of the family. He stated thatz" ' .V . Yrv r 7f ‘Paulena Nickell and Jean Dorsey, Management in Family Living (New York: John Wiley and Sons, Inc. , 1959) . 5Gross and Crandall, op. cit. 6Nickell and Dorsey, op. cit., pp. 252-56. 7Gross and Crandall, o . cit., p. 149. 8Howard Bigelow, Family Finance (Philadelphia: J. B. Lippincott Company, 1953) . 913g” p. “33.5. {pk At first sight it seems an impossible task to make a compre- hensive list of all the goods and services a family will need in the 25 to 50 years of its life as a family, But by considering in turn each one of the stages in the usual family cycle, it is possible to break the one impossibly complex problem into a series of prob- lems, each one of which can be solved. By analyzing in specific terms the needs of the family in each of these stages, it is possible to see clearly the characteristic details the problems each stage involves. By studying theseproblems as phases of a cycle, it is possible to see them not as isolated problems, but as steps in a progression, which must be worked out in their proper order if the family is to live a good life as the years go by. As a result of such analysis it is possible to plan for the present and the imme- diate future with the long-time well-being of the family clearly in mind. The only suggestions Bigelow offered for discovering this information he considered so. important were that a beginning family can learn what goods and services they will need in each stage of the cycle.10 ( l) by relying on their experiences in families in which they grew up as to what they wanted but could not afford during each of a number of stages of the cycle and: (2) by observation of one or more families with whom they are acquainted to determine defi- nitely what problems arise in each stage of the cycle. Children in families and family friends rarely are given sufficient information about all phases of income and expenditure prob- lems to insure that this method for determining helpful information with respect to family needs for goods and services as related to stage in the life cycle would be at all adequate. Empirical study of changing demands on income over the life cycle can provide a realistic basis for long term financial planning . 1°Ibid., p. 386. Objectives The purpose of this study is to analyze the variation in income, assets, debt and the specific expenditures studied in the 1960 Survey of Consumer Finances in relation to the stages in the life cycle as classified by the Survey Research Center and to interpret the findings with respect to implications for home management. The analysis of these significant relationships would greatly improve teaching and counseling in the area of family financial management by providing an empirical basis for predicting demands on income over time. Analysis of the data with a view to the formulation of theory in home management would be an important contribution to home management research. The specific objectives of this study are: 1. To determine the relationship between stage in the life cycle and income and expenditure patterns. 2. To interpret the findings with respect to implications for home management. 3. To utilize the supported hypotheses as a possible basis for formulation of theory about income and expenditures in rela- tion to life cycle . 4. To explore the usefulness of data from the Survey of Consumer Finances in home management research and teaching. Hypothe s e s The data are analyzed to ascertain the relationship between significant variables and stage in the life cycle. The analysis focuses on evidence to support or negate the following hypotheses: I. There is a significant relationship between stage in the life cycle and income, assets, and debt. A. Income 1. There is a definite decline in the income curve at the stage when the young couple have children under 6 years old. 2. The largest proportion of families with two income earners is found among young childless families and the smallest pro- portion is found among families with children under 6 years old. 3. 1 There is a shift over the life cycle in the types of in- come received by spending units as well as in the total amount of income and number of earners. B. Assets 1. Value of total assets increases frOm the time children leave home until the retirement of the breadwinner. 2. There are significant changes in the number and pattern of total asset holdings. after children leave home . 3. Only in the stage after children have left home will there be a significant increase in families having liquid assets greater than one year's earnings. C. Debt 1. Credit is used most extensively by the young childless couples and the couples with children under 6 years old. 2. The proportion of families with some debt is highest for families with children and falls off substantially when children leave home and are launched on careers of their own. 3. The proportion of families with mortgage debt will decrease sharply for the older families with no children at home. II. There is a significant relationship between stage in the life cycle and expenditures for housing, durable goods, and life insurance. A . Expenditure s 1. Housing costs expressed in terms of percent of income are highest for young couples with children and for families in the retirement stage. 2. There is a typical sequential order of purchases of durable goods. 3. The outlay on durable goods will be highest in the young childless stage but will rise again due to replacement after the children leave home. 4. Life insurance ownership is not consistent with the changing need for life insurance over the life cycle. Chapter II presents a review of prior research on the rela- tionship of stage in the life cycle to income and expenditure patterns and a brief review of literature dealing with the classification of family life into life cycle stages. The methodology of this study is discussed in Chapter III. In Chapter IV, the interrelationships among demographic variables relevant to classification of spending units into stages in the life cycle are examined in order to understand the characteristics of the typical spending unit in each of the nine stages of life cycle classifi- cation used by the Survey Research Center in coding the raw data. Some attention will also be given to the variation within each life cycle classi- fication with respect to demographic characteristics. Chapters V through VIII contain an analysis of the income, asset, debt and expend- iture patterns associated with the life cycle stages. The tables referred to in Chapters IV-VIII are placed at the end of each chapter. In the final chapter, Chapter IX, the findings are summarized and interpreted with respect to implications for home management. The supported hypotheses are utilized as a basis for formulation of theory about income and expenditures in relation to life cycle. CHAPTER II REVIEW OF LITERATURE Prior Research in the Area A number of studies have been undertaken in recent years to ascertain the effect of particular variables on the consumption or savings function. These studies have focused generally on three sets of variables; socio -economic characteristics of the household; financial characteristics; and attitudes and expectations. Perhaps the main analytical work in recent years relating to socio -economic characteristics has been with age and the life cycle. Various early budget studies were concerned in part with the influence of age, but it was primarily the 1935-1936 Consumer Purchases Study with its extensive tabulations that served as a springboard for analysis of the effect of the age factor on consumption.1 In that study, attempts were made to examine variations in income and in consumption not only by different age groups but by dif- ferent family types, reflecting to some extent different stages in the family life cycle with a classification of family types based on age of the head, marital status and family size. Substantial variations observed in income and consumption by age and family types led to further study of these variables in 1United States Department of Agriculture, Family Incomes and Expenditures, Misc, Pub. No. 339-489 (1939-1941). 10 postwar years. Many of these studies were carried out at the Survey Research Center of the University of Michigan, based on data collected in the Survey of Consumer Finances. Using data from the 1946 Liquid Assets Survey, and the 1947, 1948 and 1949 Surveys of Consumer Finances which were made available by the Survey Research Center and also the data from the Consumer Purchases Study for 1935-36, Janet Fisherz was able to develop much useful information on the role of the age factor in consumer behavior. In analysis of these data, Fisher presented a hypothetical life cycle pattern and considered how the data used could be related to these hypotheses about the economic life cycle of a family. She pointed out that "in the data presented, information is given about economic status and economic behavior of groups of families (or spend- ing units) classified by age at a particular time . . . there is no infor- mation in the Surveys to reveal whether a decline in income is charac- teristic of the period shortly after marriage, nor do we know what effect supplementary earners and income from capital have upon the income cycle. ”3 Hence, the data based on age and size of the spending unit did not provide the empirical basis needed for analysis of economic life cycle patterns . zJanet Fisher, "Income, Spending and Saving Patterns of Consumer Units in Different Age Groups, " in National Bureau of Eco- nomic Research Studies in Income and Wealth, Vol. 15, 75-102 (Prince- ton University Press, ’1952). ‘ ' 31bid., p. 101. 11 In an exploratory study of the determinants of saving, Dorothy Brady4 found that, to a large extent, age comparisons of saving rates will in part be a reflection of changes in the direction and magnitude of income. Holding income constant, she found that saving increases uniformly as the age of the wife rises. In addition, Brady showed that not only is family saving influenced by age, family size, and occupation but it may also be influenced substantially by the general level of income in the community where the family resides. These studies showing the effect of family composition on spending and saving have brought into focus the importance of a life- cycle variable, a variable which would reflect the simultaneous influence of a number of different socio-economic characteristics. This interest stimulated the convening in 1954 of a conference by Consumer Behavior, Inc. (a legal name adopted by the Committee for Research on Consumer Attitudes and Behavior) on the life cycle as related to economic, market- ing and sociological behavior of consumer units. The first research using stage in the family life cycle as the classifying variable is reported 5 in the book growing out of this conference. In one of the papers at this conference, Fisher6 outlined some of the research possibilities with r y ‘r —v— ———v——' 4Dorothy S. Brady, "Influence of Age on Saving and Spending Patterns, " Monthly liabor Review, Vol. 78 (November, 1955), 1240-44. 5Lincoln H. Clark (Ed.), Consumer Behavior, Vol. II (New York: New York University Press, 1955) . V 6Janet Fisher, "Family Life Cycle Analysis in Research on Consumer Behavior," Consumer Behavior, Lincoln Clark (Ed.), Vol. II, 28-36 (New York: New York University Press, 1955) . 12 respect to the economics of family life cycles, citing among the prob- lems which should be explored further, ". . . in how many cases is the wife gainfully employed before her first child arrives and whether or not she goes back to work thereafter ? Are there any shifts in housing arrangements ? How are immediate and subsequent new expenses financed? As the children grow up, what happens to income and assets? How do consumption patterns shift? Does the wife seek employment full or part time '?"7 A report on the first really thorough empirical study of consumer finances over the life cycle was presented at this conference 8 This study was based on data from the 1953 by Lansing and Morgan. and 1954 Surveys of Consumer Finances primarily and in one portion data from 1947-1950 surveys were averaged. This study was the first to use stage in the life cycle as the independent variable rather than age classification. The families with a head under 45 years of age were called “young" and those with a head 45 or over were called “older. " The seven life cycle stages used were: 1. Young, single 2. Young, married, no children V 71bid,, p. 31. 8John B. Lansing and James N. Morgan, "Consumer Finance Over the Life Cycle, " Consumer Behavior, Lincoln Clark (Ed.), Vol. II, 36—53 (New York: New York University Press, 1955) . 13 3. Young, married, youngest child under six 4. Young, married, youngest child six or over 5. Older, married, has children 6. Older, married, no children under 18 7. Older, single. Income, assets and debts, and selected expenditures (such as household durables. cars, additions and repairs and life insurance) over the life cycle were studied using this life cycle classification as the independent variable. This analysis revealed a. bimodality in the family income with a definite dip in income during the young married stage in which the youngest child was under six. This had never been observed in the studies which drew inferences from data classified on the basis of age. It was found that the wife often received wage and salary income during the young, childless stage. In the stage with preschool children the proportion of wives earning income from wages or salaries was much lower. At later stages the proportion of working wives rose somewhat but never approached the level for the young, married, childless stage. Thus, the wife's income was the factor which accounted for the bimo- dality of family income . An analysis of selected expenditure data (on the ownership of homes, cars and television sets) revealed that, to the extent that there is a sequential order for the purchase of these items over the life cycle, it appeared that the car came first, then the television set, then the 14 house. The findings built up a general picture of young married people buying homes, cars and all sorts of household appliances at a time when spending unit income was fairly low. There was also some evidence of a replacement cycle for such items after the children leave home. The liquid asset holdings followed a similar bimodal pattern to that of income with asset holdings sharply reduced during the young married stage with children under 6 then rising steadily until one of the couple dies. The proportion of families with debt reached a peak for young families with children and did not drop substantially until the children had all left home . This study by Lansing and Morgan and the paper by Lansing and Kish discussing the value of family life cycle as an alternative variable more significant than age in social research, seem to offer substantial proof that a more extensive analysis of a wide variety of economic variables as they relate to stage in the life cycle might provide empirical bases for formulation of theory about income and expenditures in relation to family life cycle. The volume which grew out of the conference called by Con- sumer Behavior, Inc., includes two other studies relating consumer behavior to stage in the life cycle. Samuel Barton,9 using material of the Marketing Research Corporation of America, gave specific examples 9S. G. Barton, ”The Life Cycle and Buying Patterns, " Con- sumer Behavior. Lincoln Clark (Ed.), Vol. II, 53-57 (New York: New York University Press, 1955) . 15 of the type and quantity of materials consumed at each stage in the life cycle. The focus of this research was to ascertain the potential market for certain products such as strained baby foods, various types of cereals, personal care items, various types of prepared food products, etc. Barton presented information on the manner in which purchasing interest and purchasing trends vary among families of differing age and composition. Donald Millerlo discussed studies which had implications with respect to the relationship of the life cycle to advertising impact. Some studies have been conducted on the effect of the life cycle on consumer behavior in Great Britain. Harold Lydallll has traced the life-cycle pattern in income receipts, in saving and in net worth in Great Britain and drew comparisons with the United States based on some results of the Surveys of Consumer Finances. Although life cycle was the focus of this study, only age was used as a classifying variable, hence the findings actually relate the age of the head of the family to family income, saving and net worth. James Morgan12 reviewed recent research in consumer behavior in Consumer Behavior published in 1958. He referred to six 1° Donald Miller, "The Life Cycle and the Impact on Adver- tising, " Consumer Behavior, Lincoln Clark (Ed.), Vol. II, 57-59 (New York: New York University Press, 1955) . llHarold Lydall, "The Life Cycle in Income, Saving, and Asset Ownership, ” Econometrica, Vol. 23 (April, 1955), 131-50. 12 James Morgan, "A Review of Recent Research on Con- sumer Behavior, " Cfionsumer Behavior, Research on Consumer Reactions, Lincoln Clark (Ed.), 93-219 (New York: Harper Brothers, 1958) . 16 studies using family life cycle as an explanatory variable. Two of these studies were sociological studies and four were economic studies. Three of the economic studies have been referred to earlier in this chapter. These were the studies by Lansing and Morgan, by Lydall and a U.S.D.A. publication in the Family Income and Expenditure series reporting research by Monroe. The fourth economic study was one by Morgan on "Consumer Investment Expenditures. "13 In this study of expenditures on household appliances, additions and repairs to homes, and purchases of automobiles, data from seven surveys of Consumer Finances during the years 1947-53 were utilized. Morgan found that demographic factors proved extremely important in explaining cross- section differences. Dates of marriage and birth seemed particularly important. He found that resistance to decreasing investment expendi- tures was particularly strong among families who had been recently married. These demographic variables were ones used in delineating life cycle stages, i.e. , recently married couples would usually be in the young married, childless stage and with the birth of the first child would then be in the young married stage with children under six. In the review of research by Morgan, he stated that in all of these studies it was found that life cycle was "extremely useful as a crude indicator ( 1) of the situational changes that affect various y— r v v— v 13 James Morgan, "Consumer Investment Expenditures. " Econometrica, Vol. 25 (October, 1957), 602-03. 17 incentives to spend money (particularly for household furnishings), (2) of the amount of money families have to spend, and (3) of the in- centives to save for future purposes."l4 He observed that neglect of the variable is likely to produce spurious correlations in studying spend- ing on household durables by cross-section study. A recent study by Martin David15 focused on the impact of family composition on the purchase of selected durable goods, on the consumption of housing and on the consumption of automobiles using data collected in the 1955, 1956 and 1957 Surveys of Consumer Finances. The primary purpose of this study was to demonstrate some systematic relationships between household composition and consumer purchases. The study attempted to narrow the gap between existing formal economic theory of consumer behavior and the behavior of households observed in cross-section studies like the Survey of Consumer Finances. David first presented some theoretical arguments which demonstrated that formal economic theory of consumer behavior logically applies to households. Applying formal theory to differences in the preferences of households with different compositions, a set of hypotheses were developed about the impact of family composition on consumer behavior. Four of the five fifi l4Morgan, "A Review of Recent Research on Consumer Behavior, " op. cit., p. 116. 15Martin H. David, Family Composition and Consumption, Contributions to Economic Analysis, No. 25 (Amsterdam: North- Holland Publishing Company, 1962) . 18 hypotheses were confirmed. These were:16 ( l) The age, marital status, and size of the consumer unit must be studied simultaneously if we are to understand how varia- tion in any one dimension affects consumer preferences. There are significant interactions between the marital status of the members of the consumer unit and their ages; and there are significant interactions between marital status and family size. (2) Increasing family size is associated with purchase of commodities at quantity rates. (3) Increasing family size is associated with a shift from the purchase of commercially produced services to the produc- tion of these services in the home. (4) Where quality can be measured by average price, increasing family size will be associated with the consumption of lower quality goods. The data did not prove to be appropriate to test the hypothesis that "the continuous nature of the time dimension suggests that the house- hold should exhibit inertia in its preference structure. Preference pat- ”17 This study clearly demon- terns are subject to few discrete changes. strates the advantages of using life cycle as an independent variable in social research since life cycle classifications are based on a composite of demographic characteristics including the age of the head, marital status, and size of the consuming unit. Changing size is evident in the separation into different stages of families in which there is one adult, families with two adults, and families with or without children. #- v I6Ibido 9 pp. 95’96. ”Ibid., p. 94. 19 In drawing empirical conclusions from his research findings, David stated that the demographic factors, family size, marital status, and the age of the head of the family were significant and important in explaining consumer demand for housing, automobiles, and durable com- modities which he studied. Tendencies observed in the data were:18 ( 1) Large families economize in the consumption of necessities (such as housing) by purchasing large quantities at discount and purchasing poorer quality goods. This pattern of be- havior may also extend to the large family's purchase of food and clothing. (2) The acquisition of some durables appears to follow a pattern related to age and marital status of the head of the household, rather than family size; furniture and some other durables are acquired more frequently by young couples in the middle income range than by older couples, single persons, and married couples with children. One suspects that purchases of these commodities by older couples and families with children are inhibited both by the other demands on their in- come and by the stocks which they hold. (3) The price of goods consumed increases substantially with family income. The high-income family purchases more expensive housing, durables, and cars than the lower income family. Thus, with a rising average real income we can anticipate demand for higher priced goods--whether they are goods of better quality or greater capacity or both. David states that a more accurate explanation of the house- hold's purchase of durables and inventory of durables undoubtedly depends ‘ on further study of the extent to which assets are acquired at particular stages of the life cycle, at times when the family reaches a critical size, or at times when members of the family reach a particular age . w? v ——v ”Ibid.. pp. 96-97. 20 Vernon Lippitt” has studied the effect of family composition on expenditures for house furnishings and equipment. Lippitt showed that a classification which takes into account the family life cycle is highly significant in explaining variations in expenditures but family size alone is not a sufficient predictor. Lippitt commented on the importance of the interval since marriage as a factor related to expenditure patterns. He observed that a move to a new residence may influence spending patterns as well as home purchase and therefore it would be desirable to have information on dates of occupancy for surveyed families. In an article appearing in the American Econqmic Review, March, 1962, Robert Ferber‘?o presented a survey of the main empirical research of recent years on household behavior. Principal theoretical developments were also reviewed as an aid to understanding current thinking in the field and as an aid to placing the empirical studies in proper perspective. He noted that:21 The great bulk of studies in household behavior in the past fifteen years have dealt with one or more of the following aspects of the subject: (1) Theories of spending or saving behavior; (2) Influence of variables other than income on spending and saving; (3) ’9 Vernon Lippitt, "Determinants of Consumer Demand for House Furnishing and Equipment, " Proceedingsyof the Conference on Consumption and Saving, Vol. 1, 225-46. 1. Friend and R. Jones (Ed.), (Penna. : Wharton School of Finance and Commerce, University of Pennsylvania, 1960). z°Robert Ferber, "Research on Household Behavior, " The American Economic Review, LII (March, 1962). 19-63. “Ibid.. p. 19. 21 Determinants of asset holdings; (4) Determinants of specific expenditures; (5) Decision process. The article focused on determinants of household behavior rather than on the effect of household behavior on other sectors of the economy or on measurement of household behavior. Among research dealing with the influence of variables other than income on spending and saving, studies concerned with the influence of age and the life cycle were cited as being perhaps the main analytical work in recent years relating to socio -economic characteristics. Ferber stated that it was primarily the 1935-36 Consumer Purchases Study with its extensive tabulations that first stimulated analysis on the influence of the age factor on consumption. He remarked on the contributions of work by Janet Fisher in developing useful information on the role of the age factor in consumer behavior and of an exploratory study of the deter- minants of saving by DorothyBrady. These early works stimulated interest on the effect of family life cycle on sociological and economic behavior of consuming units. Ferber observed that the volume growing out of the confer- ence called by Consumer Behavior, Inc. , contains a wealth of data on the subject, and he noted that the study of consumer finances over the life cycle done by Lansing and Morgan was the first study which really used a classification of consumer units by stage in the life cycle rather than by age alone. Ferber remarked on Lydall's study comparing Great 22 Britain and United States data for income, saving and net worth over the life cycle but observed that in this study. also, only age was the classi- fying variable. An article by Modigliani and Andozz in the March, 1963, American Economic Review is entitled ”The 'Life Cycle' Hypothesis of Saving: Aggregate Implications and Tests. " In this paper it was again age of the individual consumer which was taken into consideration in the formulation of a model for consumption and saving. The model started from the utility function of the individual consumer. The utility of a consumer is assumed to be a function of his own aggregate consumption in current and future periods. The individual was assumed to maximize his utility within the limitations of the resources available to him. These resources were considered to be the sum of current and discounted future earnings over his lifetime and his current net worth. Thus, ac- cording to this hypothesis, the current consumption of the individual could be expressed as a function of his resources and the rate of return on capital with parameters depending on age. The individual consumption functions thus obtained were then aggregated to arrive at the aggregate consumption function for the community. Since income minus consump- tion equals saving, this model also expressed a ”life cycle" hypothesis of saving as related to the age of the consumer. The results of a number ‘fi zzFranco Modigliani and Albert Ando, “The 'Life Cycle' Hypothesis of Saving, " The American Economic Review. Vol. LIII (hAarch, 1963), 55-84. 'I ‘ 23 of empirical tests for the United States were presented which appeared to support the hypothesis. This study does not provide information about changing consumption and saving patterns over the stages of the life cycle but does further develop the theoretical foundation of a "permanent income" hypothesis or, more accurately, a "permanent wealth" hypothesis since current net worth and future nonlabor income are considered as well as current and future labor income in the estimation of total resources available over the lifetime. A number of studies relating economic variables to age and to family composition have been conducted. The bulk of these studies were carried out for the purpose of obtaining empirical data to support economic theory or to provide a basis for improved models of consumer behavior. The majority of the studies have been concerned with aggre- gate consumption and saving. Only a few of the studies have focused on the family as the consuming unit. The studies which had the most help- ful implications for home management were the study by Lansing and Morgan, ”Consumer Finance Over the Life Cycle" and the study by David, "Family Composition and Consumption. " Life Cycle Clas sification The life cycle is a theoretical construct representing succeeding patterns of family composition and age in the life of an 24 ordinary family. In analyzing changing income and expenditure patterns over the life cycle, it is useful to classify spending units into several stages. BigelowZ3 based his discussion of income and expenditures over the life cycle on an eight stage classification and theorized the approxi- mate age of the headZ4 in each stage as follows: Age of Head S_t_a_ge of Family Cycle in Years 1. Establishment 23-25 2. Child bearing and preschool 23-33 3. Elementary 30-40 4. High school 38-45 5. College 42-50 6 . Vocational adjustment 46-52 7 . Recovery 52-68 8. Retirement 68-78 Evelyn Duvall 25 uses a life cycle classification to aid in the understanding of family development. The classification used by Duvall is based on the age of the oldest child. This classification is as follows: Stage I - Beginning families - married couple without children Stage II - Child bearing families - oldest child, birth to 30 months Stage III - Families with pre-school children - oldest child, 30 months to six years Z3Bigelow, FamilLFinance, oi. cit., pp. 15-17. “Bigelow, unpublished mimeograph prepared for class use, 1961. ”Evelyn M. Duvall, Family Development (Philadelphia: J. B. Lippincott Co. , 1962), p. 9. 25 Stage IV - Families with school age children - oldest child 6-13 years Stage V - Families with teenagers - oldest child 13-20 years Stage VI - Families as launching centers - first child gone to last child leaving home Stage VII - Families in the middle years -empty nest to retirement Stage VIII - Aging families - retirement to death of both spouses. Duvall presented two interesting charts - one entitled ”Profile of Life of Mid-Century Wife and Mother'“26 and the other, ”Profile of Life of Mid- Century Husband and Father. 1127 The approximate ages of the wife and of the husband and the approximate length of each of the life cycle stages as presented in these charts were: II . III . IV. VII. VIII. Stage of Life Cycle Beginning families Child bearing families Families with pre- school children Families with school children Families with teen agers Families as launching Centers Families in the middle years Aging families Age of Husband (in years) 22.8-24.8 25.2-27.7 28. 8-32.3 3102-3802 38.2-45.2 45.3-50.3 50.0-64.5 64.1-71.6 Age of Length Wife of Stage (in years) (in years) 20.1-22.1 2 22.5-25.0 2.5 26.1-29.6 3.5 28.5-35.5 7 35.5-42.5 7 45.3-47.6 6 5 48.0-61.5 13 5 61.4-77.2 7 5-16 “Ibid” p. 15. Based on data from 0.5. Census for 1950 from Paul C. Click, "The Life Cycle of the Family, " Marriafie and Family LiviflJ XVII, No. 1 (February, 1955), 3-9; and from National Offide of Vital Statistics, Births by Age of Mother, Race and Birth Order, United States, 1953. U.S. Department of Health, Education and Welfare, Vol. 42, No. 13 (December 21, 27Ibid., p. 18. 1955). p. 294. 26 In comparing the life cycle classifications used by Bigelow and by Duvall, a number of similarities and differences can be seen. Bigelow estimated the age of the husband at the time of marriage and the length of the establishment or beginning family period to be about the same as did Duvall. Bigelow classifies child bearing and preschool ages together and implies that the length of these periods will be about 10 years.‘ Duvall estimates only 2. 5 years in the child bearing stage (and implies the family will have two children with the last child of a com- pleted family born when the husband is about 28 years old. Thus, the child bearing and preschool periods were estimated to cover about 6 years. The elementary school stage corresponds fairly closely with the family with school children, as does the high school stage with the families ‘with teenagers with the exception that most children are in the eighth grade when they are 13 years old rather than in high school. During the college and vocational adjustment stages, the age of the head as estimated by Bigelow approximates the age of the head in the Duvall stage, families as launching centers. The latter two stages in each classification are similar except that Bigelow estimates that the age of the head at retirement will be older than does Duvall. Fitzsimmons describes the life cycle of the family as follows: 7‘8 r— v ‘7' i 28 Cleo Fitzsimmons, The Management of Family Resources (San Francisco: W. H. Freeman and Co.. 1951) . W 27 Adjustment - This is the period in which the husband and wife learn each other's ideals and become accustomed to each other. It . . . is completed when a way of living has been devel- oped which is as satisfactory as can be realized with the resources at hand . . . . Accumulation - In the accumulation stage . . . the husband and wife wacfiqruimre the things which come to characterize their family. They accumulate the household goods . . . friends . . . may seek new information and training . . . children are born . . Grade School - The third period . . . begins when the first child enters grade school. This period may overlap ‘with the pre- ceding one and may extend into the next. It is not completed until the last child leaves the grades. Additional children may be born . . . . High School - The fourth period . . . begins when the first child enters high school . . . is completed when the last child leaves high school. College - The fifth stage of many families begins when the first child enters college. It may overlap the preceding stages and is completed when the last child leaves college . . . . Recovery or Rediscovery - This stage begins when all of the children have achieved independence and no longer rely upon their parents . . . . This stage is concluded when the husband and wife become old enough to prefer quiet leisure . . . to unnecessary activity . . . . Retirement '- Begins when the husband and wife withdraw from active participation in community activities and devote only necessary time to maintenance of their home and economic position . . . . The way that the completion of each stage is described makes it nearly impossible for any family to complete any of the stages except the fifth and sixth stages before they have entered the next stage. This overlap makes this classification a difficult one to use for research in relation to family life cycle. In attempting to classify families according to this classification for a study of the factors affecting farm family goals, Holmes fl - L,— v f 29 Emma G. Holmes, "Factors Affecting Farm Family Goals, " Ph.D. dissertation (Purdue University, 1956) . 28 found that many families interviewed did not fit neatly into any one of the three stages to be included in the study - preschool (accumulation), grade school, and high school. For purposes of the Holmes study it was decided to classify the families on the basis of the school attainment of the oldest dependent child. The Survey of Consumer Finances in 1960 used the following classification of stages in the life cycle: Young (head under 45 years of age) Unmarried Married, no children, two or more adults Married, youngest child under six, two or more adults Married, youngest child six or over, two or more adults AWNv—a Older (head 45 years old or older) 5. Married, has children, two or more adults 6. Married, no children, two or more adults, head in labor force 7. Married, no children, two or more adults, head retired 8. Unmarried, head in labor force 9. Unmarried, head retired This classification differs from the life cycle classification used by Bigelow, Duvall and Fitzsimmons in that younger and older unmarried persons are included as well as married couples. CHAPTER III METHODOLOGY The data available from the Survey of Consumer Finances, conducted by the Survey Research Center at Ann Arbor, Michigan, pro- vide an opportunity to obtain empirical data to utilize in further quanti- fying and clarifying the relationships between stage in the life cycle and income and expenditure patterns. These surveys have collected data annually in January-March on the demographic characteristics. financial situation, economic attitudes, consumer purchases, and purchase expectations since 1946. The surveys use a national sample of dwelling units selected by area probability sampling to represent the population of the United States. With area probability sampling, the degree of accuracy desired can be specified in advance and then the sample size required to reduce sampling errors to the desired level can be deter- mined. In complex financial surveys, there are response errors which are likely to increase as one increases the sample size. Therefore, for the surveys, samples of around 3, 000 were chosen as the best com- promise providing acceptable sampling and response errors. The basic unit for interviewing was the spending unit - defined as a group of people living together, related, and pooling their 29 30 income for major items of expense. Husband and wife and children under 18 living at home were always considered to be members of the same spending unit. Both the primary and each secondary unit at each selected dwelling unit were interviewed, with the interview generally taken with the head of each spending unit. Secondary spending units were classified as related or unrelated. Related secondary spending units were defined as one or more persons living in the dwelling, related to the head of the family, who earn more than $15 per week and do not pool income with the primary spending unit in the dwelling. Unrelated secondary spending units were defined as a spending unit living in the dwelling, not related to the primary spending unit . . . typically a roomer or a servant residing in the dwelling. While the basic unit for interviewing was the spending unit, some of the variables coded relate to family units. The Survey of Consumer Finances defined family unit as “two or more people living in the same dwelling unit and related to each other by blood, marriage, or adoption. A single person unrelated to the other occupants in the dwell- ing unit or living alone is a family unit by himself. " It is somewhat unusual to include unmarried persons in a classification of family life stages and to call such persons a family. It is more accurate to call the Survey Research Center classifications simply life cycle stages rather than family life cycle stages. In the report of the analysis of data the term "family" will only be used relative to Stage II - Stage VII spending units . 31 In the actual interviewing, the fixed-question open-answer form was used, except where simple facts were asked. A balance was sought between extremely detailed questioning in fewer areas, and broader investigation of a wider variety of topics. The questionnaire used was the result of several years of development during which pre- tests, split -half experiments, validity checks, and changes from year to year on format and question wording were used to improve the instru- ment and to develop the best method of obtaining the desired data. Reinterviews in the 1958, 1953, and 1948 Surveys provided an oppor- tunity for various methodological checks. Each survey, until 1959, used three different sampling fractions, with a smaller fraction of the lower-rent or lower-value dwellings, and a larger fraction of the higher-valued dwellings. The data were then weighted each year to adjust for differences in both sampling and response rates. In 1959 and 1960, a uniform sampling rate was used. In 1961 and 1962 reinterviews involved different sampling ratios once more. The data from the Surveys on Consumer Finances are now readily available to academic researchers. Data from the 1960 Survey of Consumer Finances are well suited to a study of income and expenditure patterns over the stages of the life cycle. No variation in sampling rate and hence no weightings were used. Interviews were taken with 2,972 spending units carefully selected to be representative of the United States population and skillfully 32 interviewed by well-trained persons using valid and reliable question- naires. The raw data relevant to the variables of interest in this analysis were obtained on IBM cards from the Survey Research Center. From 245 variables coded by the Survey Research Center, the following variables were selected for analysis: Stage in life cycle Age of the head Sex of head of spending unit Marital status Length of marriage Number of children under 18 Age of oldest child under 18 Age of youngest child under 18 Number of adults in spending unit Number of adults plus number of children Non-farm family income quintiles Total spending unit income Occupation Education Income change - present income compared to year-ago income Disposable income Capital income - from rent, interest, dividends and trusts Transfer payments Head's wage, salary, professional, trade and other self- employment income Wife's wage, salary, professional, trade and other self- employment income Proportion of earned income earned by wife Number of members earning $600 or more 33 Number of weeks wife worked full-time or part -time Spending unit's wage, salary, professional, trade and other self-employment income Total liquid assets Pattern of liquid asset holdings Equity in house Total value of real estate owned other than own house Value of stocks Value of assets Number and pattern of asset holdings Amount of house mortgage Remaining total debt on additions and repairs Remaining total debt on durables Total remaining installment debt Remaining total debt on all cars Housing status When moved into house or apartment Monthly rent brackets Total monthly mortgage payments House value or cost brackets Total expenditure on repairs and additions during year Number of rooms in house or apartment Net outlay on purchased car, 1959-60 Total price of total household durables, 1959 Total net outlay on all household durables Purchased household durables in 1959 Television Refrigerator Washing machine Cook stove or range Furniture Clothes dryer Dishwasher Air conditioner Other durables 34 Credit or cash payment for household durables purchased Families carrying life insurance Life insurance premiums Ratio of insurance premiums to disposable income This deck of IBM cards was then prepared for computations using the MISTIC computer based on a program prepared by Francis M. Simms, of the M.S.U. staff, and made available in mimeograph form for use by staff members. Following program instructions. pro- gram cards were prepared for the computer. The MISTIC computations included for each table of cross-tabulations the actual and the expected frequency distribution, row percentages, column percentages, contri- bution to x2 of each cell, total ,8 value and degrees of freedom. The output from the MISTIC computer was on IBM cards and these cards were then sorted and tabulated by IBM. The tables were constructed from these tabulations. Standard tables of X2 values were utilized in evaluating the level of statistical significance of the frequency distributions. In those cases where the tests were not reliable by the criterion given by Dixon and Massey,1 the X2 values were adjusted. Dixon and Massey state that N must be sufficiently large so that none of the expected frequencies is less than 1 and not more than 20 percent are less than 5. In each table in which the above criteria were not met, the contribution to x2 of the W , WW. I 1Dixon and Massey, Introduction to Statistical Analysis (New York: McGraw-Hill Book Company, Inc., 1957), p. 222. 35 small cell was subtracted from the total calculated X2 value which re- duced the bias. Approximately 600 tables were constructed and evaluated with respect to their significance for this study. Tables evaluated as being most significant are reported. The tables included are those found to be statistically significant at the . 001 level or better which also provide data of value for the support or negation of the hypotheses. Only a few of the tables included in the report are significant at less than the . 0005 level. Some of the tables which are not reported were significant at the . 001-. 0005 level but were found to include no data which contributed to the support or negation of the hypotheses. CHAPTER IV CHARACTERISTICS OF THE LIFE CYCLE STAGES Relationships Among Life Cycle Stages and Other Life Cycle Variables Stage I: yomgunmarried. - The data showed (Table 4. 1) that the largest proportion (about 40 percent) of the young unmarried heads of spending units was, as would be expected, in the 18-24 age group. The data further indicated that 50 percent of the heads of spend- ing units who were in the 18-24 year age bracket were unmarried. However, it must be noted that there was only 1 adult in each spending unit in the Stage I classification, while there were 2 adults in the Stage II and Stage III classifications. The data in Table 4. 2 showed that a little over half the heads of spending units in the young unmarried group were men and a little less than half were women, while all but a fraction of 1 percent in each of the classifications of married couples had male heads of spending units. The only women who were heads of spending units in these classifications were wives of men who were out of the country. The wives were, no doubt, in approximately the same age bracket as their husbands and, thus, the individuals in the young married stages with no children and with children under 6 account for two -thirds of the total persons in the 18-24 age bracket. The unmarried persons made up only one -third of the total number of persons in this age bracket. ’24 37 Nearly 33 percent of the persons in this stage were 25-34 and nearly 28 percent were 35-44 (Table 4.1). Thus, not all persons in this classification were young people just out of school. Some had a number of years during which to become established in careers, accu- mulate home furnishings and add to savings. About 85 percent of the unmarried individuals under 45 years of age were single (Table 4. 3). About 2 percent were widows or widowers, 5 percent divorced, and 7 percent separated. There were probably children in some spending units who were classified in this stage as Table 4. 4 indicates that 129 of the spending units in which the head was single, widowed, divorced or separated had 1 or more children. The data do not show how many spending unitswith children were in this stage with the head under 45 years of age and how many were in Stage VIII or IX with the head over 45. There were 2 or 3 adults in about 8 percent of the spending units in this young unmarried classification (Table 4. 5) . Stage 11: young married, no children. - The largest pro- portion (nearly 39 percent) was families with the head 25-34 years of age (Table 4. l), but in nearly as many families, the head was 35-44 and about one -fourth had a head 18-24 years old. It was previously noted that about two -thirds of the individuals in the 18-24 age group were married and were either in this stage of the cycle or were already in Stage III as there were children in the family. Thus, these data 38 show that typically the head was 18-24 years of age at the time of marriage. About 30 percent of the couples in this stage had been mar- ried only 1 year or less (Table 4. l) . Nearly half had been married 3 years or less and nearly 60 percent had been married 4 years or less. The majority were beginning families with a head who was 34 years of age or less and often under 24 years of age. They were typically faced with problems of establishing a home, accumulating home furnishings, and becoming established in occupations . Some were not recently married as about one -fourth of the families had been married 10 years or more and the head was 35-44 in a little over one -third of the families. These families would not have the typical problems of the beginning family. They would have had many years in which to accumulate home furnishings, add to savings. and become established in occupations. Stale III: youngmarried, youngest child under 6. - In nearly two-thirds (65 percent) of the families in this stage, the head was 25-34 years old (Table 4. 1). About 14 percent of the families married 1 year or less had a child under 6 years of age (Table 4. 6) . Sixty percent of the couples married 2 years and about 74 percent of the couples married 3 years were in this life cycle stage. About 70 percent had been married 4 years or less . Thus, for many families, the beginning family stage was very short. Quite a few families entered the 39 active parenthood stage within 1 year after marriage and many entered this stage within 3 or 4 years. However, the largest proportion (39 percent) had been married 10-20 years and 35 percent had been mar- ried 5-9 years. About half of the families in this stage had 1 or 2 children, with the largest proportion (31 percent) having 2 children (Table 4.7) , but one -fourth had 4 or more children. In about 2 percent of the fami- lies, the oldest child under 18 was 17 years old (Table 4.8) . In nearly 15 percent of the families, the oldest child under 18 was 13 years old or older. There were 3 or 4 adults in about 5 percent of the families (Table 4. 5). Some of these adults may have been ”children" 18 years old or over. There were 5 or more family members in nearly half of the families (Table 4. 9). In almost half of the families in this stage, the oldest child was also under 6 years of age (Table 4. 8). The oldest child was 10 or under in 70 percent of the families. Hence, the majority of the families had 1 or 2 children who were preschool or early elementary school age. In many of the families, the head was 25-34 years old and the couple had been married 5 years or more. Stage IV: young married, youngest child 6 or over. - In a large majority (81 percent) of the families in this stage, the head was 35-44 years old (Table 4.1). The head was 25-34 in all other families in this stage. Most of these couples (82 percent) had been married 40 10-20 years (Table 4. 6). About 10 percent had been married 20 years or more. A number of second marriages was apparent in the fact that l. 8 percent of the families had been married for 4 years or less. The largest proportion of families (44 percent) had 2 chil- dren (Table 4.7) . A little over 27 percent had 3-5 children. None of these families had more than 5 children. There were 5 or more family members in about 31 percent of the families as compared with 48 percent of Stage 111 families (Table 4. 9) . In about 36 percent of the families, the oldest child was 10- 13 years of age. In nearly 60 percent of the families, the oldest child under 18 was 13 years old or older. There were 3 or 4 adults in about 5 percent of these families (Table 4. 5) . In some of these families the third and/or fourth adult may have been "children" who were 18 or over. In a few families in this stage (about 12 percent), the young- est child was 14-18 years of age (Table 4.10). The remainder was about evenly divided, with about 45 percent being families with the youngest child 6-9 years old and 43 percent being families in which the youngest child was 9-14 years old. Thus, in most of the families in this stage, the head of the family was 35-44 years of age. The family included 2 to 5 children of school age, most of whom were primary and junior high school age. Most of the couples had been married 10 years or more, Some had high school age children and a few may have had college age children. It is interesting to note that nearly one -fifth of 41 the young married couples in which the head of the family was 25-34 years old were in this stage and had only school age children. Hence, in many of these families, the youngest child of a completed family was in school by the time the parents were in their late twenties or early thirties. Stage V: older married, has children. - A little over half of the families in which the head was 45-54 were in this stage (Table 4. l) . Families in this age bracket made up 78 percent of families in this stage. In about 16 percent of the families, the head was 55-64 and in about 5 percent, the head was 65 or over. This was typically high school stage for most families. Table 4. 10 shows that in about 79 percent of the families, the youngest child was 14-18 years old. About two-thirds of the families in which the youngest child was 9-18 years old were in this stage. About 13 percent of the families in this stage had 4 or more children under 18 years of age (Table 4. 7). Over half had 2 or more children. Therefore, this stage in the family life cycle would be one requiring large family expenditures as the families are typically com- posed of 4 or more members and include high school age children. Table 4. 5 shows that about one -fifth of the families had 3 or more adults in the spending unit. Some of these families may include ”chil- dren" 18 years old or over. Since this stage is typically the high school and college stage, expenditures related to childrens' education would be large. 42 There was a wider range of ages present in families in the older married stage with children than in the other stages with children. In about 5 percent of the families in this stage, the youngest child was less than 2 years old (Table 4. 10). About one -fifth of the families had a child who was under 6 years old. These young children were not found only in families in which the head was 45-54 years old. About 9 percent of families in which the head was 65 or over had children who we re under 6 years of age (Table 4. 11) . Many of these older families faced the problems of retirement and of active parenthood at the same time. Nearly 5 percent of the families had a head who was retired (Table 5.7) . About one -third of the families in this stage were composed of 5 or more members and a little over 7 percent had 7 or more mem- bers (Table 4. 9) . There obviously would be many heavy demands on ~ family income at this stage due to the size of the spending unit and the ages of the children. Since these families had a head who was 45 years ,fld or older, perhaps the head was quite well established in his career, hence, earning close to his peak lifetime income if he was still in the labor force. Over half of the families in Stage V had been married 20 years or more (Table 4. 6). During this period, it is possible that durable goods had been accumulated so current expenses for these goods could be reduced. However, items purchased early in marriage are likely to need replacement by this time. The family may have 43 been able to accumulate savings to help defray the costs of children's e ducation. Stage_VI: older married, no children, head in labor force. - Twenty-eight percent of the families in which the head was 45-54 and 40 percent of those with a head 55-64 were families in this stage (Table 4.1). Many of these families did have older children (since three- fourths of the families in the 35-44 age group had children), but the children were all 18 or over and most were in college or were launched on careers and families of their own. About 14 percent of the fam- ilies included 3 or more adults (Table 4. 5). Many of these families might have been composed of parents and "children" who were 18 or over. The families in which there were no children for a number of years prior to retirement would have a substantial period of time in which accumulation of savings for retirement years could be more easily accomplished with relatively high income and reduced demands on that income. About 30 percent of the heads of families in Stage VI were 65 and over but were still in ‘the labor force (Table 4. l) . The head might still be employed in some of the families in which the head was in this 65 and over age group and in which there were still children under 18 years of age. Therefore, age 65 was not retirement age for all workers. Economic needs and personal preferences keep many oldsters in the labor force past age 65. 44 The majority of the families (78 percent) in this stage had been married 20 years or more (Table 4. 6). But nearly 8 percent had been married less than 10 years. Perhaps in some cases these were second marriages . .SEESEIVH: older married, no children, head retired. - As would be expected, in 80 percent of the families in this stage, the head was 65 years old or over (Table 4.1). However, about 18 percent of the families in which the head was 55-64 and l. 6 percent of the 45-54 age group were already in this stage. A smaller percentage of the spending units in which the head was 65 or over were in this stage than were in the older unmarried stage with the head retired. It must be remembered, however, that there were 2 adults or more in the older married spending units and only 1 in most of the unmarried spending units. There were nearly twice as many individuals in the older married families with the head retired as compared with those in the older un— married stage with head retired. StageflVglllzr older unmarried, head in labor force. - One -half of the persons in this stage were persons in the 45-54 age group (Table 4. 1) . A little over one -third were 55-64 years old and about 15 percent were 65 or over. Over two -thirds of the persons in this stage were women (Table 4.2) . No doubt the reason for this is the longer life expectancy for women than for men. Only about 28 percent of the per- sons were single (Table 4.3) . The largest proportion (nearly 44 percent) 45 were widows or widowers. Only about 17 percent were divorced and 10 percent separated. About 18 percent of these spending units included 2 or more adults (Table 4.5) . Some of these spending units may have included "children" who were 18 or over. There were no children under 18 in spending units in this stage of the life cycle (Table 4.7) . There was quite a. change in the number of persons who we re divorced, sepa- rated or widowed when comparing the three age brackets. Nearly one- third of all divorced persons were in the 45-54 age group (Table 4. 12) . About 20 percent of the persons who were separated and about 14 percent of those who were widows or widowers. were in this age group. The percentage of widowed who were 54-64 was nearly double that of the younger age group and nearly one -half of the widowed were 65 or over. The number who were divorced dropped from about 32 percent in the 45-54 age group to about 16 percent in the 55-64 age group. Only about 6 percent of the divorced persons were age 65 or over. The percentages of persons who were separated followed a very similar pattern. Stage IX: older unmarried, head retired. - The majority of the persons (nearly 72 percent) in this stage were 65 years old or older (Table 4. l) . About 38 percent of all heads of spending units who were 65 or over were in this stage. It was pointed out in the analysis of the older married stage with the head retired that although only 35 percent of the heads of spending units were in that stage, there were more individuals as each of these spending units included 2 or more 46‘ adults. In many instances, the husband and wife would be in the same age group. A larger percent of persons in this stage were women as compared with older unmarried persons who were in the labor force (Table 4.2) . About 36 percent of all women who were heads of spend- ing units were in this stage. Over three-fourths were widows or widowers (Table 4. 3), about 20 percent were single and the remaining 10 percent were divorced or separated. There were 2 or 3 adults in about 14 percent of the spending units (Table 4. 6). Some of these may have been "children" who were 18 or over. There were no children under 18 in the spending units in this stage of the life cycle (Table 4.7) . 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Total wage, salary, trade, professional and other self-employment income. Disposable income (income after taxes). Relation of current year's income to previous year's income. Education. Occupation. Capital income - income from rent, interest, dividends or trusts. Transfer payments - payments received which are not payments for a currently produced good or currently rendered service (i.e., veterans' benefits, pensions, and welfare payments). Head's wage, salary, trade, professional and other self-employment income. Number of family members earning $600 or more. The income pattern related to life cycle stages showed an interesting contrast to the pattern related to the age of the head. In rela- tion to the age of the head, the percentage of families in the highest quin- tile showed a smooth curve rising from about 2 percent in the 18-24 age group to nearly 29 percent in the 45-54 age group and falling again to a little less than 8 percent by age 65 and over (Table 5. l) . The percent of families in succeeding life cycle stages who were in the highest 59 60 quintile rose from 7 percent in the young unmarried stage to 23 percent for the young married couples with no children, then fell again to 19 percent of the young married families with children under 6 (Table 5. 2) . The largest proportion of families in the highest income quintile was shown to be families in which the head was classified as “young" and hence was under 45 rather than 45 or over (and classified as ”older") and in which there were school age children; but nearly as large a per- cent were older married families with a head who was still in the labor force. Stage 1: young unmarried. - The individuals in the young unmarried stage of the life cycle typically were earning low in- comes. About 58 percent had incomes in the lowest two income quintiles (Table 5.2) . The largest proportion had total spending unit income of 354000-4999 (Table 5. 3). Among all spending units in the sample, the median total spending unit income was $4860 and the mean income was $5660. 1 Only about 14 percent of the spending units in Stage I had incomes of $6000 or more. Hence, most of the spending units had about median incomes or lower and very few had incomes larger than the mean income. With few dependents, persons in this stage had to pay a substantial income tax. The largest proportion (about 23 percent) had 1Survey Research Center, 1960 SurveLof Consumer Finances (Ann Arbor, Michigan: University of Michigan, 1961). 61 disposable incomes of $3000-3999 (Table 5. 4). About 27 percent had disposable incomes of $4000 or more and only about 13 percent had disposable incomes of $5000 or more. However, a large proportion was experiencing stable or rising incomes. A little over 57 percent had incomes which were larger than their last year's income and nearly 25 percent had incomes which were about the same as their last year's income (Table 5. 5) . The largest proportion of spending units in which the head had a college degree was in this life cycle stage (Table 5. 6). Only 29 percent had less than a high school education. The second largest proportion of heads of spending units in the professional, tech- nical or kindred occupational group ( 16 percent) was persons in this stage (Table 5. 7) . Therefore, with that educational background and those types of occupations, the prospects were bright for rising future incomes. However, the unemployment rate for this group was higher than the average of the whole group. About 5. 5 percent of the total group were unemployed and 6. 2 percent of the heads of Stage I spending units were unemployed (Table 5.7); about 18 percent were laborers or service workers. Thus, not all were well established in good jobs. About 20 percent had income from rent, interest, dividends or trusts (Table 5.8) . The head's wage, salary, professional, trade, or other self employment income was the only source of income and the disposable income was $3000-3999 in the largest proportion of young unmarried spending units. 62 Stage II: young married, no children. - The income of families in this stage rose sharply. About 49 percent had incomes in the highest or next to the highest quintile (Table 5.2) and 72 percent had incomes in the upper 3 quintiles. The largest propor- tion (about 20 percent) had total spending unit income of $6000-7499 and thus had income higher than the mean income and substantially above the median income of all families (Table 5. 3). Less than 5 percent had incomes of under $2000 and nearly half had incomes of $6000 or more. Of course, with only 2 members in most of these families, income taxes took a substantial portion of gross income - about 30' percent paid $1000-1999 and about 6 percent paid $2000 or more. The largest proportion of these families ( 19 percent) had dis- posable incomes of $5000-5999 (Tables 5.4) . Only about 32 percent had disposable incomes of $6000 or over. The families in this stage were in most instances experi- encing stable or rising incomes. About 60 percent had incomes which were larger than their year-ago incomes and about 18 percent had about the same incomes as they did a year ago (Table 5. 5) . The head of about 31 percent of the families had a high school education and nearly 17 percent had a college degree (Table 5. 6). The unemploy- ment rate was lower for this group than for the total group (Table 5. 7). The heads of families were fairly evenly distributed in the several occupational groups. Only about 8 percent as compared with nearly 18 63 percent of the young unmarried group were laborers and nearly as many, 15 percent, were in the professional, technical and kindred classification. While 62 percent had total spending unit incomes of $5000 or more (Table 5.3), the head's wage, salary, trade, professional and other self-employment income was $5000 or more in only about 36 per- cent of the families (Table 5. 1.0) . About 70 percent of the wives were working and over half of the wives were earning $1000 or more (Table 5. 11) . This was the primary reason why the spending unit incomes were so high in relation to the young unmarried stage and to the young married stages with children. Almost 13 percent of the wives earned 50 percent or more of the family earned income (Table 5. 12) . Fifty-eight percent of the families had 2 members receiving $600 or more (Table 5. 13) . About 35 percent of the wives worked 50-52 weeks of the year and about 90 percent of them worked full time (Table 5. l4) . About 20 percent of the families in this stage had income from rent, interest dividends, or trusts (Table 5.8) . Nearly 17 percent had less than $500 and none received more than $2000 from this source. About 20 percent received transfer payments, with 11 percent receiving less than $500 and none receiving more than $2000 from this source (Table 5. 9). Thus, the spending unit income came predominantly from wage, salary, professional, trade or other self-employment income earned by both the husband and the wife, with the wife earning a 64 substantial portion of the total family income in the majority of families . In the largest proportion of the families in this stage, the disposable income was $5000-5999. Stage III: young married, youngest child under 6. - The percent of families in this stage who were in the highest income quintile dropped substantially compared with the percent in the pre- ceding life cycle stage. Even though in most instances the headiof the family was a little older than in the young married childless stage, about 19 percent rather than 23 percent of the families were in the highest income quintile (Table 5.2). The largest proportion ( 19 per- cent) had total spending unit incomes of $5000-5999 and only 45 percent had total spending unit income of $6000 or more as compared with about half of Stage II families (Table 5. 3). The main reason for this drop in income was that only about 27 percent of the wives in this stage were employed as compared with 70 percent of the wives in the childless stage (Table 5. 12) . In addition, only 6 percent of the wives worked all year and only about two -thirds of the working wives worked full time (Table 5. 14) . The largest proportion of families with one income earner (a little over 80 percent) was families in this stage (Table 5. 12) . The total spending unit income from wages and salaries was $5000 or over in 56 percent of the families (Table 5. 15), and the income of just the head from thbeflrce was $5000 or over in 51 percent of those families (Table 5. 10). Thus, the contribution to family income made 65 by wages or salary income of the wife and other family members was negligible. Nearly half (48 percent) of the families in this stage were composed of 5 or more members (Table 4. 9). Only about 19 percent paid more than $1000 inC'ome tax since they had modest incomes and a number of family members. About 55 percent of the families had dis- posable incomes of $5000 or more (Table 5.4) . The largest proportion (nearly 19 percent) had disposable incomes of $4000-4999, but nearly as large a percent had incomes of $5000-5999 and $6000-6999. A slightly smaller percent of families in this stage as compared with the young childless couples had incomes which were larger than their previous year's income but a slightly larger percent had stable incomes (Table 5. 5). Compared with the preceding stage, a slightly larger percent had a head with only 1-8 years of education and with a high school education. A slightly smaller percent had a head with a college degree (Table 5.6) . The largest percent (about 34 percent) of families with the head in the professional, technical, or kindred occupation were families in this life cycle stage (Table 5. 7). The largest proportion, about a fifth, of the families in this stage had a head who was an operative or kindred worker. The second largest percent were craftsmen, foremen, and kindred workers and the third largest percent were in the professional, technical or kindred occupa- tional group. 66 About 23 percent had some income from rent, interest, dividends or trusts (Table 5. 8) . Only about 5 percent had more than $500 income from this source. Nearly 20 percent received transfer payments (Table 5. 9). About half of these families received less than $500 and none received $3000 or more from this source. Almost all of the income of families in this stage was from wages, salary, profes- sional, trade, or other self-employment income received by the head of the family. The largest proportion had disposable incomes of $4000 - 4999 but nearly as large a percent were in the $5000 - 5999 and the $6000-7499 income groups . Stage IV: young married, youngest child 6 or over. - The percent of families in this stage who were in the highest income quintile rose to 30 percent as compared to only 19 percent of the previous stage (Table 5.2) . This rise was due to two things. The head of the family was more likely to be 35-44 years of age, while the head of the Stage III family was more likely to be 25-34 years old (Table 4. l) . Therefore, the head of the Stage IV family has had more time to become established in his career and merit salary raises. In addition, the per- cent of working wives rose from only about 27 in Stage III families to about 43) in Stage IV families (Table 5. ll) . The head's wage and salary income was $5000 or more in only 53 percent of the families (Table 5. 10) but total spending unit income was $5000 or more in about 75 percent of these families (Table 5. 3). The percentage of wives who 67 worked all year increased from 6 percent in Stage III to 17 percent of wives in Stage IV (Table 5. l4) . About 34 percent of the families in Stage IV had 2 or more members who earned $600 or more compared with 17 percent of the preceding stage (Table 5. 13) . About 25 percent of the families in this stage had income from rent, interest, dividends, or trusts but again, about 17 percent had less than $500 from this source (Table 5. 7). Only about 14 percent received transfer payment and nearly 8 percent received under $500 from this source (Table 5. l4) . ' Income taxes were higher for Stage IV than for Stage III families. Only about two ~thirds of the former group paid taxes of $1000 or less as compared with 80 percent of the latter group. The differen- ences between disposable incomes of the families in Stage III and in Stage IV were not as great as were the differences between total spend- ing unit income. For example, 45 percent of the Stage III families and 60 percent of the Stage IV families received total spending unit income of $6000 or more (Table 5. 3), while nearly 30 percent of the Stage III families and about 50 percent of the Stage IV families had disposable incomes of $6000 or more (Table 5. 4). The difference between the percentages fell from a difference of about 19 percent to one of about 12 percent. In the analysis of the characteristics of the families in each stage of the life cycle, it was noted that in more of the Stage 111 families than in the other stages, there were only 1 or 2 children (Table 4.7) . 68 Thus, smaller families would mean fewer exemptions from gross in- come for taxable income. The family income was stable or smaller in a larger percent of the families in Stage IV than in any of the earlier stages (Table 5. 5) . Just a little less than half received incomes larger than their previous year's income. About 29 percent had the same income and 21 percent had smaller incomes than they had the previous year. The percent of families in this stage who had more than a high school education was lower than in the preceding stages (Table 5. 6) . About 46 percent were families in which the head had not com- pleted high school as compared with about 35 percent of the Stage III and Stage II families and only 29 percent of the Stage I spending units. About a fifth of the heads of the families in this stage were operatives or kindred workers and a fifth were managers, officials or self-employed businessmen (Table 5. 7). Only about 8 percent were professional or technical workers compared with 14-17 percent of each of the previous stages. However, a slightly smaller percent of the heads of families in this stage as compared with the earlier stages were unemployed. In many families in this stage, the total spending unit in- come was derived in part from the wife's wage and salary income in addition to the income earned by the head of the spending unit. Capital income was a slightly larger portion of total income compared with 69 preceding stages. The disposable income of the largest proportion (about 23 percent) was $6000-7499. Thus, the largest proportion had disposable incomes larger than the mean total spending unit income. Stag: V: older married, has children. - The families in this stage were widely scattered among the income quintiles. The largest proportion (about 28 percent) was in the highest income quintile, about 11 percent was in the lowest income quintile, and about 30 percent was in the two lowest quintiles (Table 5.2) . The largest proportion (about 16 percent) had total spending unit incomes of $6000- 7499 and about 49 percent had total spending unit incomes of $6000 or more but 31 percent had less than $4000 total spending unit income (Table 5. 3). About 28 percent paid more than $1000 federal income tax and about 10 percent paid $2000 or more. Many of the families with more than 4 children under 18 were in this stage (Table 4. 7). It was obvious that many families in this stage who earned less than $4000 were large families which were composed of 7 or more members. About 40 percent of the families who had 5 or more children had dis- posable incomes of less than $4000 (Table 5. l6) . The families in this stage were likely to have reached their highest lifetime income. About 42 percent had larger incomes than they had the previous year but 31 percent had about the same amount of income and nearly 26 percent had smaller incomes than in the previous year (Table 5. 5) . 70 The largest proportion (43 percent) was families in which the head had 1—8 years of education (Table 5. 6). Only 10 percent were high school graduates and about 11 percent had more than a high school education. Only about 3 percent had college degrees. Thus, the edu- cational level was considerably lower than in the preceding life cycle stages. Only 9 percent were in the professional, technical or kindred occupational group (Table 5. 7). In 4 percent of the families, the head was retired. The unemployment level was higher (about 6 percent) in this stage than in any of the young married stages. About 18 percent were managers, officials or self-employed, and 15 percent were opera- tives. The remainder was scattered fairly evenly among the other occupational groups. The largest percent of families in which there were 3 members who earned $600 or more were families in this stage (Table 5.13). Only 35 percent of the wives worked as compared with 43 per- cent of the wives in the young married Stage IV. About one -fifth of the couples had children under 6 and the wives with young children were less likely to work (Table 4. 15) . A much larger proportion had income from rent, interest, dividends or trusts than was true of the younger life cycle stages. About 40 percent had some capital income and nearly 20 percent had $500 or more from this source (Table 5.8) . About 20 percent received transfer payments (Table 5. 9). The largest proportion (about 24 percent) of the 71 families in which the head was a farmer or farm manager was families in this life cycle stage (Table 5. 7). The income level, educational level and occupation of the .head of the family varied more compared with each of the preceding stages. Similarity existed among the families in this stage in that many more of the families were experiencing a leveling off or a reduction in income and many more had income from rent, interest, dividends, or trusts and from transfer payments. The largest proportion of families in this stage was in the highest income quintile. The largest percent had $6000-7499 disposable spending unit income (Table 5.4) as well as total spending unit income (Table 5. 3) . Both disposable income and total spending unit was higher than mean total spending unit income in about half the families in this stage. Stage VI: older married, no children, head in labor force. - About a third of the families in this stage were in the highest income quintile. Only about 7 percent were in the lowest income quintile (Table 5.2) . The largest proportion was in the $6000- 7499 income group (Table 5. 3). About half of the families in this stage had $6000 or more total spending unit income. Of course, these fami- lies had fewer members and hence fewer income tax deductions than the three preceding stages. Therefore, over a third of them paid income taxes of $1000 or more. About 19 percent paid $2000 or more in income 72 taxes. This reduced disposable income and the largest proportion (nearly 19 percent) of the families in this stage had disposable incomes of $4000-4999 (Table 5. 4). Only about 39 percent had disposable in- comes of $6000 or more. About 60 percent had stable or lower incomes than during the previous year (Table 5. 5) . The majority had reached their peak lifetime income level and about 23 percent had lower income than the previous year. Many families had probably reached their peak lifetime income in earlier years and now were experiencing declining incomes. Most families in this stage could no longer anticipate stable or rising family incomes in the future. A much larger percent of the heads of families in this stage had less than a high school education than was true" for the earlier stages. Nearly 65 percent had less than a high school education and only about 7 percent had a college degree (Table 5.6) . In spite of this lower educational level, the largest proportion (about 21 percent) were managers, officials, or self—employed businessmen and only about 12 percent were laborers (Table 5. 7). About a third of the wives in this stage were working (Table 5. ll) . Nearly 5 percent of these working wives were earning over $5000 per year. In about 4 percent of the families, the wives were earning 100 percent of the earned income (Table 5. 12) . About half of the working wives had worked all year (Table 5. 14) . About 28 percent 73 of the families had 2 members earning $600 or more and a little over 1 percent had 3 members earning $600 or more (Table 5.13). In this stage there was an increase in the amount of income received from rent, interest, dividends or trusts. About 40 percent had some income from this source as compared with 20-27 percent in the earlier stages (Table 5. 8). About 19 percent of the families who received some capital income received less than $500 but about 15 percent received $1000 or more. Therefore, capital income made a substantial addition to total family income for some families in this stage. About 48 percent received transfer payments and about 1. 5 percent received $2000 or more from this source (Table 5. 9). The largest proportion of families in this stage had dis- posable incomes of $4000-4999. Many had stable or falling incomes. A larger proportion of total spending unit income came from capital income and from transfer income as compared with preceding life cycle stages. Stags VII: older married, no children, head retired. - A sharp drop in income was apparent in this stage. By far the largest percentage (about 43 percent) of the families were in the lowest income quintile and about two -thirds were in the two lowest quintiles (Table 5. 2) . Only about 10 percent were in the highest income quintile. The largest proportion (about 27 percent) received $1000- 1999 total spending unit income (Table 5. 3) . In these low income 74 brackets the income tax is low and about the same percentage (28 per- cent) received $1000-l999 disposable income (Table 5.4) . About 69 percent had disposable incomes of less than $4000 per year. Only 19 percent had experienced rising incomes as compared with their incomes of the previous year (Table 5. 5) . About 42 percent of the families in this stage received income from rent, interest, dividends or trusts (Table 5.8) . About 90 percent received transfer payments (Table 5. 9). Over one -third received $1000-1999 in transfer payments and only about 13 percent received more than $3000 in transfer payments. In about 28 percent of the families, the head of the household still had some income from wages, salaries, professional, trade or other self-employment income (Table 5. 10) . The wife was still working in about 16 percent of the families (Table 5. 11) . In nearly 12 percent of these families, the wife was earning 100 percent of the employment income (Table 5. 12) but in only about . 5 percent of the families was the wife receiving 100 percent of the total income received by the family (Table 5. 16) . The income level of families in this stage was sharply reduced as compared with income of previous stages. The largest proportion of families received $1000-1999 both as total spending unit income and as disposable income. A large percent received transfer income and/or capital income. A few had some income from wages, salaries, professional, trade or other self-employment income 75 received by the head even though he was considered retired and in some families the wife was still working and receiving some income from employment. Most families in this stage received incomes far below the mean spending unit income . Stage VIII: older unmarried, head in labor force. - The older married stage with no children and with the head still in the labor force was very different from this older unmarried stage with the head still in the labor force. A much larger proportion of the persons in Stage VIII spending units were in the lowest income quin- tile as compared with Stage VI (Table 5.2) . About 36 percent of these Stage VIII spending units were in the lowest income quintile as compared with only about 7 percent of the Stage VI families. About 62 percent of persons in Stage VIII were in the lowest 2 income quintiles and only about 9 percent were in the highest quintile. The occupations held by the heads of spending units in the two stages in the life cycle differed. The largest proportion (about 24 percent) of the unmarried group was laborers or service workers while the largest proportion (about 21 percent) of the married group was managers, officials, or self-employed businessmen (Table 5.7) . The unmarried group were, on the average, better educated. Only about 37 percent of the unmarried group as compared with 45 percent of the married group had less than 9 years of education (Table 5. 6). About 10 percent of the unmarried group had college degrees as compared with about 7 percent of the married group. 76 In the analysis of the characteristics of each of the life cycle stages, it was observed that over two -thirds of the older unmar- ried group were women (Table 4.2) and that about 72 percent of the group were widowed, separated or divorced (Table 4. 3). Thus, in many cases, probably the woman returned to the labor force after the disruption of her marriage. It is less common for women to hold high paying managerial and professional positions and among the women returning to the labor force after long absences from work outside the home, their training would be obsolete. These facts probably help to explain why the individuals in this stage tended to hold low paying positions even though their educational level was relatively high. The total spending unit income was less than $3000 for about 45 percent of the persons in this stage (Table 5. 3). Only about 27 percent had total spending unit incomes of $5000 or more. The largest proportion (just over 19 percent) had disposable income of $2000—2999 and nearly as large a proportion (19 percent) had dis- posable income of $1000-1999. About 33 percent of the unmarried group had larger incomes than the previous year while 39 percent of the married group had larger incomes (Table 5. 5) . The percentage having smaller incomes were nearly the same (about 25 percent) for these two groups, but more of the unmarried group had incomes which were about the same as the previous year. 77 The unmarried group received less capital income in the form of rent, interest, dividends or trusts. Only about 10 percent of the unmarried group received $500 or more while about 19 percent of the married group received $500 or more from this source (Table 5. 8). The percentage of these two groups receiving transfer payments was similar. About 14 percent of the unmarried and 13 percent of the married group received $500 or more in transfer payments (Table 5. 9). The majority of the persons in this life cycle stage were receiving incomes below the mean income and below the median income for all spending units. Stage IX: older unmarried, head retired. - In the previous stage in the life cycle it proved valuable to compare the older unmarried stage with the head in the labor force with the older married stage with no children and with the head in the labor force. A similar comparison of this older unmarried stage with the head retired with the older married stage with the head retired is again of interest. Nearly 76 percent of this unmarried group were in the lowest income quintile as compared with 43 percent of the married group (Table 5. 2) . Total spending unit income was under $2000 in 76 percent of the Stage IX spending units as compared with about 36 per- cent of the Stage VII spending units. About 87 percent of the unmarried group as compared with 57 percent of the married group had total spending unit income of less than $3000 (Table 5.3) . About 89 percent 78 of the unmarried group had disposable income of less than $3000 and only 2. 7 percent had disposable income of $5000 or over (Table 5.4) . At least their incomes were not continuing to get smaller than this low level in many cases. About a fifth of the group had smaller incomes than in the previous year (Table 5. 5). Over half had the same income and about a quarter had higher income than in the previous year. The educational level was lower in this stage than in any other stage of the life cycle. Nearly 58 percent had 1-8 years of education and nearly 3. 7 percent had no education (Table 5. 6) . An- other 15 percent had 9-11 years of education making a total of 77 percent who had less than a high school education. Only 3 percent of the persons in this stage had a college degree. Nearly 40 percent of persons in this stage had some income from rent, interest, dividends, or trusts (Table 5.8) . The amounts received were modest sums in most cases. About 17 percent received less than $500 and 31 percent received less than $2000 from this source. More of the Stage IX than of Stage VII spending units received no income from transfer payments. About 10 percent of the married group and 18 percent of the unmarried group had no income from this source (Table 5.9) . The largest proportion (about 35 percent) received from $1000-1999 from this source. Nearly another one -third received from $500-999 and only 6 percent received $2000 or more from transfer payments . 79 Most of the spending units in this stage had disposable incomes of less than $2000. There was some income from wage, salary, professional, trade, and other self-employment income in about 17 percent of these spending units (Table 5. 15). About 14 per- cent of the heads of these spending units had some employment even though they were considered retired (Table 5. 10). In an analysis of the characteristics of families in each life cycle stage, it was noted that about 19 percent of the heads of spending units in this stage were widowed, divorced or separated. There was more than 1 adult in about 24 percent of the spending units. Probably, in some spending units the additional adults were ”children" 18 or over, some of whom were employed and contributing income to the spending unit. In about 13 percent of the 17 percent of persons receiving income from employ- ment, the income received was under $2000, so the income from this source was not a large addition to total spending unit income (Table 5. 15) . The small incomes received by persons in this stage were from a variety of sources, employment of the head, employment of other members of the spending unit, capital income and transfer pay- ments. 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Stage I: youniunmarried. - Nearly 27 percent of persons in this stage had no liquid assets (Table 6. l) . The largest proportion (nearly 32 percent) had liquid assets of $l-499. Only 4. 4 percent had liquid assets of $5,000 or more. The largest proportion (24 percent) had liquid assets in the form of a savings account only (Table 6. 2) . Nearly 22 percent had both savings and checking accounts and about 21 percent had a checking account only. By far the largest proportion (about 90 percent) had no equity in their own house (Table 6. 3). Only 7 percent owned real estate other than their own house (Table 6.4). About 7 percent owned stock and among these a large proportion (about 3 percent) owned stock valued at less than $500 (Table 6. 5) . About 24 percent had no assets (Table 6. 6). The largest proportion (about 42 percent) had assets valued at less than $1,000- 97 98 5, 000 and only 17 percent had assets worth $5, 000 or more. The largest proportion of persons in this stage (about 69 percent) had only liquid assets (Table 6. 7). Since so few were homeowners in this stage, the proportion having equity was much lower than in the later stages. Only about 6 percent had 3 or more types of assets. Stage 11; younimarried, no children. - Almost 28 percent of families in this stage had no liquid assets (Table 6. l) . The largest proportion (31 percent) had $l-499 in liquid assets. The pattern of liquid asset holdings changed somewhat as the largest proportion (about 33 percent) had both a checking account and a savings account (Table 6.2) . About 23 percent had a checking account only and the proportion with a savings account only was 15 percent compared with 24 percent among Stage I spending units. The percent of renters dropped from 90 percent of the preceding stage to only 68 percent of this stage (Table 6. 3). About 11 percent had $1, 000-4, 999 equity and another 11 percent had $5, 000- 9, 999. Only about 8 percent had over $10, 000 equity. There was a slight increase in the percent who had an investment in real estate other than their own home; about 11 percent had this type of investment (Table 6. 4). Nearly 12 percent owned stock (Table 6. 5). Just over 5 percent owned stock worth $1, 000-4, 999 and another 4 percent owned stock worth $500-999. 99 Almost 20 percent had no assets (Table 6. 6) . The largest proportion (nearly 34 percent) had assets worth less than $1, 000. The proportion with assets of $5,000 or more had increased to just over 30 percent compared with 17 percent among Stage I spending units. A large proportion (nearly 44 percent) had only liquid assets and about 21 percent had liquid assets and equity (Table 6. 7). About 14 percent had 3 or more types of assets. Stai 111: young married, youngest child under 6. - A somewhat larger proportion of this stage had liquid assets. About 21 percent had no liquid assets, but the largest proportion (about 38 per- cent) had $1-499 in liquid assets (Table 6. l) . Only 4. 3 percent had liquid assets of $5,000 or more. The proportion having some liquid assets invested in U.S. bonds increased (Table 6.2) . The percent who had just a savings account and/or a checking account decreased while the percent who had bonds only, bonds plus checking or savings accounts, or all 3 increased. There was again a shrap increase in home ownership. About 53 percent of families in this stage were homeowners (Table 6. 3). Among owners, about 21 percent had $1,000-4, 999 equity and about 19 percent had equity of $10, 000 or more. About 15 percent owned real estate other than their own home (Table 6.4) . About 5 percent owned real estate worth $10,000-24,999, about 3 percent owned real estate worth $5,000-9,999 and 4. 5 percent owned real estate worth $1,000- 100 4,999. About 12 percent owned stock (Table 6. 5) . Just under 3 percent owned stock worth $5,000 or more. The remaining 9 percent were evenly divided among the 3 groups with less than $5,000. About 13 percent had no assets. The proportion having assets worth $5,000 or more increased to nearly 42 percent. There was from 21-22 percent in each of the first 3 groups: less than $1,000, $1,000-5,000, and $5,000-10,000. Only about 27 percent had just liquid assets (Table 6. 7). The largest proportion (33 percent) had liquid assets and equity. The proportion having 3 or more types of liquid assets increased to 24 percent. Stage IV: young married, youngest child 6 or over. - The percent with no liquid assets again declined to 16. 6 percent compared with 21.4 percent of families in the preceding stage (Table 6. l) . The largest proportion (nearly 34 percent) were again in the group who had $l-499 in liquid assets, but nearly as large a percent (almost 29 per- cent) had $l, 000-4, 999. Nearly 8 percent had $5, 000 or more in liquid assets. The largest pr0portion (nearly 29 percent) had both savings accounts and checking accounts (Table 6.2) . Nearly as large a percent (about 24 percent) had all 3 types of liquid assets - bonds, savings account and checking account. About 20 percent had checking accounts only. The proportion with equity in their own house again increased. About 70 percent were homeowners (Table 6.3) . The largest proportion 101 among the owners (about 26 percent) had equity amounting to $5, 000- 9, 999 and about 21 percent had $1, 000-4, 999 equity. Nearly 20 percent had equity of $25, 000 or more. The asset position with respect to ownership of real estate other than their own home did not change as much. About 18 percent had no assets of this type (Table 6. 4). Among families with this type of asset, the largest proportion (about 5 percent) had $5, 000-9, 999 and 12 percent owned real estate other than their homes worth $5, 000 or more. About 15 percent owned stock, but among these families the largest proportion (just over 4 percent) owned less than $500 worth of stock. About 4 percent owned stock worth $5, 000 or more. About 9 percent in this stage compared with 13 percent in the preceding stage had no assets (Table 6. 6). The largest proportion (nearly 27 percent) had assets of $5, 000310, 000 and another 24 percent had assets of $10, 000-25, 000. About 10 percent had assets of $25, 000 or more. Thus, 61 percent had assets of $5, 000 or more compared with about 42 percent of families in the preceding stage with this asset position. About 34 percent of families in this stage had assets of $10,000 or over. Increased equity in their own homes was the factor which accounted for much of this increase. Comparison of the number and pattern of asset holdings of families in this stage with those in the pre- ceding stage shows that the percentage with more than one type of asset increased from 64 percent to 79 percent (Table 6. 7). The classifications 102 showing the most increase included: ( 1) liquid assets and equity, (2) liquid assets, equity and stock, (3) liquid assets, equity, and real estate, (4) 3 others, and (5) 4, or all 5. Stage V; oldefir married, has children. - The proportion of families in this stage with no liquid assets increased compared with the preceding stage. Nearly 23 percent compared with nearly 17 percent of the preceding stage had no liquid assets (Table 6. l) . The largest proportion (about 30 percent) had $1, 000-4, 999 and about 12 percent had $5, 000 or more liquid assets. Thus, while a larger proportion had no liquid assets, there was also an increase in the percentages with $1, 000 or more. Analysis of the characteristics of this life cycle stage showed that there was more variation within this stage with respect to education, occupation, income, and family size and composition com- pared with the other stages. About one -third of the families in this stage were composed of 5 or more members and 7 percent had 7 or more members (Table 4.9) . The expenditure needs of these larger families probably necessitated using liquid assets to cover current spending. In the largest proportion of families (43 percent), the head had 1-8 years of education (Table 5. 6). About 28 percent were in the highest income quintile, but 30 percent were in the two lowest quintiles (Table 5. 2) . With this variation within the life cycle stage, the increase in both the percent with no liquid assets and the percent with substantial liquid assets was to be expected. 103 The largest proportion (about 28 percent) of families in this stage had all 3 types of liquid assets and another 24. 4 percent had savings accounts and checking accounts (Table 6.2) . There was nearly a. 6 per- cent increase (from 5 percent of Stage IV families to 11 percent of Stage V families) in the proportion with U.S. bonds and savings accounts. The proportion with equity in their own home again increased. Almost 72 percent were homeowners (Table 6. 3). The largest propor- tion (nearly 29 percent) had equity of $10, 000-24, 999, and another 23 percent had equity of $5, 000-9, 999. The percentage with equity of $25, 000 or more increased from under 2 percent in the preceding stage to nearly 4 percent in this stage. The proportion who owned real estate other than their own home increased from 18 percent in the preceding stage to 20 percent in this stage (Table 6. 4). Among those owning such real estate, the largest proportion (about 6 percent) owned property valued at $1, 000- 4, 999. About 11 percent owned property worth $5, 000 or more. The proportion owning stock was nearly unchanged compared with the pre- ceding stage. Among the 15 percent owning stock about 5 percent owned stock worth $1, 000-4, 999 and nearly 5 percent owned stock worth $5, 000 or more. The proportion with no assets and also the proportion having assets of $10, 000-25, 000 and $25, 000 or more increased slightly compared with the preceding stage (Table 6.6) . About 40 104 percent had assets of $10, 000 or more and 70 percent had assets of $5, 000 or more. There was a 6 percent increase in the proportion who had equity only. Thus, nearly 12 percent of this stage had this type asset only. There were also increases in the proportion who had 2 assets other than liquid assets and equity, and in those who had liquid assets, equity, and real estate. Increased equity in their own home again accounted for most of the increase in value of assets. Stage VI: older married, no children, head in the labor £9353; - The proportion with no liquid assets decreased to 16 percent compared with nearly 23 percent in the preceding stage (Table 6. l) . The largest proportion (nearly 30 percent) had $1, 000-4, 999 in liquid assets. About 12 percent had liquid assets of $5, 000 or more. The largest proportion (29 percent) had savings and checking accounts. About 27 percent had all three - savings accounts, checking accounts, and U.S. bonds, and about 21 percent had a checking account only. The proportion who were homeowners again increased from about 72 percent in the preceding atage to 76 percent in this stage (Table 6. 3). Among those who owned homes the largest pro- portion (38 percent) had $10, 000-24, 999 equity. Nearly 64 percent had equity of $5, 000 or more. About 24 percent owned real estate other than their own homes. The largest proportion (about 7 percent) owned property worth $10, 000-24, 999 and about 6 percent owned property worth $25, 000 or more. The percent owning real estate 105 worth $5, 000 or over rose from about 11 percent in the preceding stage to about 18 percent in this stage. Nearly 19 percent owned stock and the large st proportion (nearly 5 percent) owned stock valued at $1, 000-4, 999 (Table 6. 5) . Another 4 percent owned stock worth $5, 000 or more. This stage contained the smallest proportion of families who had no assets, about 7 percent (Table 6. 6). The largest propor- tion (about 28 percent) was again in the group who had $10, GOO—25,000, as in the preceding stage, but the percent who had assets of $25, 000 or more rose to nearly 26 percent in this stage compared with 11 percent in the preceding stage. Nearly 54 percent had assets of $10, 000 or more and nearly 79 percent had assets of $5, 000 or more. These per- centages were 14 and 18 percent higher than the proportions in the preceding stage. Thus, the asset position of families in this stage was substantially better than in any of the other stages. There was a slight decrease in the proportion having only 1 asset of each of the 3 types. The largest increase was in the per- centage who had 4 types or all 5 types of assets. Stage VII: older married, no children, head retired. - The proportion of families with no liquid assets increased to nearly 21 per- cent compared with 16 percent in the preceding stage (Table 6. l) . The largest proportion (about 35 percent) of families in this stage had liquid assets of $1, 000-4, 999. About 24 percent had liquid assets of $5, 000 106 or over. Thus, the proportion of families with assets of $5, 000 or over increased about 2 percent and the percent with $1, 000-4, 999 increased nearly 5 percent compared with the preceding stage. There was an increase in the proportion of families with assets in the form of U.S. bonds and of bonds plus checking or savings accounts. There was also an increase in the proportion with a savings account only. There were reductions in each of the other types of liquid asset holdings. The proportion of families who owned homes decreased to about 70 percent (Table 6. 3). The largest proportion of families in this stage (nearly 36 percent) had $10, 000-24, 999 equity in their own homes. This was about a 3 percent decrease compared with the pre- ceding stage. About 60 percent of families in this stage compared with 73 percent of the preceding stage had equity of $5, 000 or more. About 20 percent owned real estate other than their own home (Table 6.4) . The large st preportion of families with this type of asset (6 percent) owned real estate worth $10, 000-24, 999 and nearly 13 percent owned real estate worth $5, 000 or more. About 13 percent of the families owned stock (Table 6. 5). A little over 4 percent owned stock worth $1, 000-4, 999 and about 8 percent owned stock worth $5, 000 or more. Since the families in this stage were retired and had little or no current income from wages and salaries, the fact that nearly 8 percent had no liquid assets is evidence of poverty among these elderly families (Table 6. 6). Another 7 percent had assets of less than $1, 000. Again, 107 the largest proportion of families (29 percent) had assets of $10, 000- 25, 000. The percentage with assets of $5, 000 or over decreased from 78 percent of the Stage VI families to about 61 percent of the Stage VII families. The fact that nearly 40 percent had less than $5, 000 in assets, together with the fact that about 43 percent were in the lowest income quintile and about two -thirds were in the 2 lowest quintiles (Table 5.2) clearly indicates that a large proportion of families in this stage have very limited financial resources. Their resources were undoubtedly insufficient in view of the high cost of medical care, housing and other necessary goods and services, to provide any kind of a. "minimum adequate" standard of living. A little over 50 percent did have assets of $10, 000 or more and thus could maintain an adequate level of living even though their current income was low. Stage VIII: older unmarried, head in labor force. - With respect to assets as well as income it appeared to pay to be married. About 24 percent of this stage as compared with about 16 percent of the Stage VI families had no liquid assets (Table 6. l) . The largest pro- portion (about 30 percent) had liquid assets of $1, 000-4, 999. In Stage VI, about 22 percent had liquid assets of $5, 000 or more, but in this stage only about 16 percent had this amount of liquid assets. The pattern of liquid asset holdings was somewhat different from that of Stage VI families. Larger proportions had bonds only, savings accounts and bonds plus a savings account or checking account. Over 4 percent 108 less had savings and checking accounts and nearly 7 percent less had all 3 types of liquid assets. The proportion of homeowners was lower than for all of the earlier stages except the young unmarried and the young married with no children. About 37 percent of the spending units in this stage owned homes (Table 6. 3). Among homeowners the largest proportion (about 14 percent) had equity of $10, 000-24, 999. Another 13 percent had $5, 000-9, 999 in equity. Nearly 28 percent had $5, 000 or more in equity. About 20 percent owned real estate other than their own homes (Table 6. 4). Among spending units with this type of asset, the largest proportion (6 percent) had real estate worth $1, 000-4, 999. Only about 7 percent had real estate worth $10, 000 or over and only about 12 per- cent had real estate worth $5, 000 or more. About 12 percent owned stocks with the larger proportion of these spending units owned stock worth $1, 000-4, 999 (Table 6. 5). Only 4 percent had stocks worth $5, 000 or more compared with nearly 10 percent in Stage V1 with this amount of stock. The proportion of spending units who had no assets in- creased to about 16 percent (Table 6. 6). Only the young unmarried stage and the young married couples with no children had larger pro- portions with no assets. The largest proportion (about 20 percent) had assets worth $1, 000-4, 999. Nearly as large a proportion (19 percent) had $5, 000-10, 000 and about 18 percent had $10, 000-25, 000. Thus, 109 about 60 percent had fairly substantial assets especially in view of the smaller size of the spending unit but only about 47 percent had assets of $5, 000 or more compared with 61 percent in Stage VI. The largest proportion (30 percent) had liquid assets only (Table 6. 7). This was in sharp contrast with Stage VI in which just under 10 percent were in this classification. The second largest pro- portion (about 19 percent) had liquid assets and equity only and about 15 percent had 2 other assets. In the other classifications, Stage VIII was similar to Stage VI. Stage IX: older unmarried, head retired. - This stage had the largest proportion of spending units with no liquid assets. Nearly 40 percent were faced with the serious problem of having no liquid assets (Table 6. l) . Among the spending units with some liquid assets the largest proportion (about 19 percent) had $1, 000-4, 999. About 18 per- cent had liquid assets worth $5, 000 or more. The percentage with this amoung of liquid assets was higher than the preceding stage but in Stage VII, about 24 percent had liquid assets worth $5, 000 or more. The largest proportion (nearly 25 percent) had a savings account only (Table 6.2) . The percentage who had bonds only (6 percent) was higher than in any other stage as was the percentage with a savings account only and the percentage who had U. S. bonds and a checking account. The percentage who had a savings account and a checking account was lower in this stage than in any of the other stages. 110 About half (51 percent) were homeowners (Table 6. 3). Among owners the largest proportion ( 17 percent) had equity of $10, 000-24, 999 and nearly 6 percent had $5, 000-9, 999 and $1, 000- 4, 999. Only about 34 percent had equity of $5, 000 or more. About 16 percent owned real estate other than their own homes (Table 6. 4). About 11 percent owned real estate worth $5, 000 or more. About 11 percent owned stocks. A little over 6 percent owned stock worth $10, 000 or more and nearly 8 percent owned stock worth $5, 000 or more. Nearly 25 percent of the spending units in this stage had no assets (Table 6. 6). This stage and Stage I had almost the same percent of spending units with no assets and they exceeded all other stages in this respect by many percentage points. Since about 79 percent were in the lowest income quintile (Table 5. 7), a large proportion had total resources which were undoubtedly inadequate for needs even considering small spending unit size. About half of the spending units had assets of $5, 000 or more. About 24 percent had assets in the form of liquid assets and equity, nearly 24 percent had liquid assets only and about 18 percent had equity only. 01 “Ln—1L. ao>oa moon. an goooamaoman ma mm.nm mo ax . m:.ttsovoogm mo newsman pooogoa assaoun : ucoonoa gown uwmxnpono<.nasmaa anuom, ”mmwchmamquwo thA szBHS -mbHL, mu ..omm Hmbw one 2 amuoa ..a :na .o.m .,~: .m.m oa a.oa mm a.n« no oogauog onon “.a ma o.a an o.« oa n.n on a.o an oogom gonna ea onon 33.833. .330 .n an n.n ,no .o.o .o; a.o, om n.n no oogauog onon .oognaano on. .aa a: n.n oaa a.o on - n.n on n.n so oogom gonna ; , an vuo:.onogvaazu on, .a an, n.n. oua a.o mm a.n. om . an unguaano nnn . , "nounnua govao . ea ~.a on u no a.n no 5.: on go>o go o eaano uncenso» .aa am a.n asa n.n noa o.ao sou a.o nna n goon: naano.uoomo=os .a a «.« so m.a on a.o mm n.a an cognaano oo . “consume mono» .n m o.« om n.n an o.a no n.a on noaggnsno mono» ax sz.. «x n z «x .z. «x z ax :2 .aa a.n, m.m. .o.na n.n a.» m.: n.ma o.oa o.o« oogawog.onon .oa a.o «.o a.o» n.n n.n n.n o.o« n.n a.n« oogom gonna ea noon _ V uvmwfihmflg $00.8 .aa n.aa o.o a.mm n.n a.n n.n a.na a.n m.o« oogagog onon .oognaano on .aa .m.oa a.oa :.om o.«a n.aa a.o :.oa a.o n.na oogom gonna , , o . oa onon .oogoaano oo .aa n.n- m.oa n.n“ n.na m.ma n.aa a.n« «.aa o.«“ nogoaano one , . . 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