Age Ain't Nothing But a Number
How important are age group definitions? A rose by any other name? This blog at the Center for Financial Inclusion discusses the implications of how we define age groups. Emphasis should be made on developing services that reflect realities of your stakeholders, rather than definitions surrounding generalized life cycle transitions.
" First, and most obviously, there are legal definitions to be considered, especially when it comes to youth and informed consent. Second, however, we choose age as a dividing line based on the major life events that we predict in the lives of individuals. Someone who is considered a “youth” becomes an “adult” at age 25 because on average people are making major life changes at that point: marriage, children, and even the first steps in a career become realities. We use age 65 because this is another major transition point—people in formal employment often shift from earning money to using money they have saved or relying on non-work related sources of income."