CONSUMER DEMOGRAPHICS: Understand Consumer Spending to Better Serve Clients

Schulaka, Carla
June 2009
Journal of Financial Planning;Jun2009, Vol. 22 Issue 6, Special section p1
Academic Journal
The article offers information on the results of the 2007 Consumer Expenditure Survey in the U.S. The data gathered from the appraisal is beneficial to financial planners because it will help them set achievable budgets and plan for their future. Data gathered from the survey shows that the liabilities of the average American household increase faster than their assets. Based on the figures gathered from the Bureau of Economic Analysis in the fourth quarter of 2008, their personal savings rate increased to more than three percent, as compared to that of 2007 which is one percent. Moreover, households with incomes ranging from $80,000 to $99,999 have more debts compared to other income groups.


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