Hitting the road this summer? Consumer spending signals travel boom, despite rising costs
Say 'bye to sky-high gas prices: Personal Capital is giving away a Tesla
GREENWOOD VILLAGE, Colo., June 27, 2022 /PRNewswire/ -- The summer road trip was once an economical, easy getaway – not so much in 2022 with soaring pump prices and costly rental cars. But that's not keeping consumers from hitting the road. In fact, 55% of Millennials are spending more time planning for vacations than retirement, according to a new survey* by Personal Capital and Empower.
To meet consumers where they're going, Personal Capital is giving away one Tesla Model 3. Enter for a chance to win.
Here's how consumers are spending – and where they have a chance to cut costs in a big way.
As consumers eye midsummer plans, travel spend is up.
In May, the average person who uses Personal Capital's free tools spent $1,304 on travel. That's 41% more than last year, and exceeds pre-pandemic levels by 28%.** Monthly spend on gas is also up by 35% to May 2022 ($251) from May 2021 ($186).
ABCD-ESG. Values-based spending and investing drives choice.
Certainly, spending has been dramatically impacted by rising inflation, now at 8.6%. But it also indicates a shift in values-based spending – the share of cash put toward gas and travel has shot up to 26% of overall spend ($5,958) in May 2022, up from 19% of overall spend ($5,687) the year prior.
Socially responsible investing is also on the rise. As of May, the total AUM in Personal Capital's socially responsible portfolio topped $3 billion, and about 1 in 4 new clients have adopted the strategy over the last year.
Opting for EV
With record-setting gas prices, consumers are considering alternatives, with one survey finding that 47% of Millennials plan to buy an all-electric vehicle for their next ride. The best-selling plugin vehicle? The Tesla Model 3.
Drive your financial future – plus, enter to win a Tesla 3
No matter where you're headed this summer, you can stay in the driver's seat with your money.
Personal Capital's free and secure online financial tools are used by 3.3M U.S. households, and you can use the technology to:
- Get a real-time look at your net worth
- Review your cash flow and budget for mid-term savings goals
- Analyze your portfolio to optimize based on your risk tolerance
- Plan for long-term goals, like buying a house or saving for retirement
Enter for a chance to win a Tesla.1
- Sign up for Personal Capital's free financial tools and start linking your financial accounts.
- Get one entry for every eligible account you link.
- Link all of your accounts for up to 20 chances to win.
Affiliates of the Sweepstakes' Sponsor will use entrant's personal information for marketing and advertising purposes and may financially benefit from the use of personal information provided by Sweepstakes entrants. The Sweepstakes prize has a substantial monetary value which creates a potential conflict because it may incent entrants to open a Dashboard account based solely on the potential to win the prize. No additional fees or costs are charged to entrants who register with the Dashboard.
*Methodology: This survey of 2,000 U.S. citizens ages 18+ was conducted by The Harris Poll on behalf of Personal Capital and Empower from April 19 to April 23, 2022.
**Anonymized Personal Capital dashboard data among free tools users from February 2020, April 2020, April 2021 and April 2022.
About Personal Capital, an Empower Company
Personal Capital is a remote-delivery, industry-leading digital wealth management company that helps people transform their financial lives through technology and advisory services. The company's state-of-the-art technology provides consumers with a holistic financial picture and is used by over 3 million people to track $1.3 trillion in account assets (as of 1/31/22). Its wealth management advisors provide expert guidance, and customized strategies, based on a personal understanding of an investor's financial picture and goals. For more information, please visit personalcapital.com or connect with us on Facebook, Twitter, LinkedIn or Instagram.
Advisory services are offered for a fee by Personal Capital Advisors Corporation ("PCAC"), a registered investment adviser with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not indicative of future returns. You may lose money. PCAC is a wholly owned subsidiary of Personal Capital Corporation ("PCC"), an Empower company. PCC is a wholly owned subsidiary of Empower Holdings, LLC. © 2021 Personal Capital Corporation. All rights reserved.
Contact
Rebecca Rickert, VP, Head of Communications
[email protected]
Related Links http://www.personalcapital.com
SOURCE Personal Capital, an Empower Company
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