In the 21st century, it seems like saving a buck is harder than it usually is. Whether it’s market corrections or much larger depressions, it seems economic trends have been a large factor for consumers in the past few decades. Unfortunately, these have disproportionately affected the younger generations – namely Millennials and Generation Z. Factors like inflation have led millennials to hold 23% of all savings dollars but only 14% of the nation’s total invested assets. It is even worse for Generation Z, who only holds 5% of all savings dollars and only 3% of all US assets.
So, when it comes to the holiday season, the younger generations are spending less year after year. With this in mind, how can we make sure to get the most out of Gen Z and Millennial holiday spending? One of the largest non-negotiable gift categories during the holidays is for family. In fact, as much as 82% of consumers say they will try to save money on essentials in order to pay for upcoming holiday expenses. Fortunately, there is a way to both preserve discretionary income and hedge against future market trends. With the help of financial advisors like those from Equifax, a financial profession can analyze your spending habits while monitoring for upcoming financial events. If you want to help maintain your financial status, financial advisors are a smart way to go.
Source: Equifax