Consumer spending frequency may be increasing this summer, which could signal that many Americans are dealing with a better personal finance situation.
More than 55 percent of consumers noted they will spend their money during the summer on travel and entertainment expenses, according to a report from Deals2Buy.com. This trend was preferred instead of spending money on physical trinkets.
“School’s out for summer, which means many consumers are shouldering the added expense of outdoor entertaining, travel, moviegoing and more,” says Mike Spankie, senior merchandising manager of Deals2Buy.com. “Shoppers should seek out deals to lower costs on more than just their energy bills this summer.”
Even with this financial trend in mind, there are other aspects that are seeing consumers invest in items to help save money later on. The report noted that close to half were open to the idea of buying a home entertainment system in order to cut down on overall expenses for going out. This was more popular among people living in rural parts of the country than those living in or close to cities.
Young people who take charge and improve their financial discipline may be more prone to avoid other major money issues in the future. There are a number of new working individuals who have to deal with some major financial issues.
Close to one-third of people between the ages of 18 and 34 have some type of medical bill outstanding, according to a report from FINRA. This was significantly higher than those 55 years of age and up, as it had only 17 percent. There was also a higher prevalence of financial stress among younger people than their was with older people.