| Publisher | Boston University | ||
|---|---|---|---|
| Format | 100.8KB PDF | Date added | 01 Jul 2000 |
| Topics | Planning and Services, Accounting Applications | ||
| Downloads | 17 | ||
Traditional financial planning is based on targeted saving. The approach requires households to choose future spending or income levels, and to save to meet associated targets. An alternative method of financial planning, rooted in economic theory (and embodied in a new software package, ESPlanner), does not require households to undertake complex aspects of planning by themselves. Instead, it derives a saving target for each household by determining its highest sustainable living standard, as well as the levels of saving and life insurance needed to preserve that living standard.
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