To meet consumers wherever they go, personal capital giving away one Tesla Model 3. Enter for a chance to win.
Summer travel was once an economical and easy getaway — not so much in 2022, with pump prices and expensive car rentals on the rise.
But that doesn’t stop consumers from hitting the road. In fact, according to a new survey* by Personal Capital and Empower, 55% of millennials spend more time planning their vacation than their retirement.
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How consumers spend
Here’s how consumers spend and where they have the opportunity to significantly cut costs.
As consumers look to midsummer plans, travel costs are on the rise. In May, the average person using Free Personal Capital Tools spent $1,304 on the trip. This is 41% more than last year and exceeds the pre-pandemic level by 28%.**
Monthly gas costs also increased by 35% through May 2022 ($251) compared to May 2021 ($186).
Value-based spending and investment drives choice.
Of course, rising inflation, which now stands at 8.6%, has greatly impacted spending. But it also points to a shift in value-based spending: the share of cash allocated to gas and travel rose to 26% of total spending ($5,958) in May 2022, compared to 19% of total spending (5 $687) a year earlier. .
Socially responsible investing is also on the rise. As of May, the total AUM in Personal Capital’s socially responsible portfolio exceeded $3 billion, with roughly one in four new clients adopting this strategy over the past year.
Choosing an electric car
With record high gas prices, consumers are looking at alternatives, with one survey showing that 47% of millennials plan to buy an all-electric car for their next trip. Top selling plug-in car? Tesla Model 3.
Take control of your financial future and also enter the Tesla 3 giveaway. Wherever you go this summer, you can stay behind the wheel with your money. Personal Capital’s free and secure online financial tools are used by 3.3 million US households, and you can use this technology to:
- See in real time your net worth
- Review your cash flow and budget for medium-term savings goals.
- Analyze your portfolio for optimization 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:
Subscribe to Free Financial Instruments Personal Capital and start linking your financial accounts.
Get one entry for each eligible account you link.
Link all your accounts for up to 20 chances to win. *Terms and conditions apply