Which one of the following statements is false?
According to the Life Cycle Hypothesis of Saving, an individual saves a constant percentage of his/her income over their life cycle.
A horder is a financial personality type where the individual was raised in a family where money was tight and therefore, he/she stockpiles money.
At least 5% of your income needs to be saved for an emergency fund.
When your expenditure exceeds your income you will end up with a net inflow of money.