Financial planning is something every age group can participate in, and in honor of World Financial Planning Day, Iowa State Bank is encouraging people of all ages to set aside time to evaluate financial goals.

From childhood to retirement, financial planning and literacy is about more than just numbers — it’s about achieving milestones, aligning money with your goals, and providing peace of mind. Take steps to improve financial literacy and meet your financial goals.

Consider these financial tips for every phase of life:

Teens and younger

It’s important to teach financial literacy to younger people. Start with a simple budget, like the 50/30/20 rule for needs, wants and savings. Instilling confidence at a young age sets kids up to handle bigger responsibilities down the road.

In your 20s

You can build a lifetime’s worth of wealth by building a strong foundation in your 20s. Start investing for retirement, start an emergency fund, and work to establish healthy habits by distinguishing between needs and wants. It’s also a great time to chip away at high-interest debt from higher education, credit card, or car loans.

In your 30s and 40s

Strive to increase retirement contributions as income levels grow. Continue to save for major goals, like buying a house, growing your family, or paying for a child’s education.  

In your 50s and 60s

As retirement nears, shift priorities toward protecting wealth and preparing for life post-workforce. Plan withdrawal strategies, pay off any remaining debt, and continue strong investment strategy.


Member FDIC. These tips are provided in partnership with the Iowa Bankers Association.