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.
Crawling out of pandemic hibernation, 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.
See ya, staycation.
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).
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 spending in May 2022, up from 19% of overall spending the year prior.
Opting for EV
With record-setting gas prices, consumers are considering alternatives. One survey of 1,250 Americans found that 47% Millennials report planning to buy an all-electric vehicle for their next ride.
Intentions may be high, but overall adoption is still slim – less than 1% of the 250 million cars, SUVs and light-duty trucks on the road in the U.S. are electric. California is the U.S. state with the largest number of EVs, with almost 835,000 plug-in electric vehicles sold by the end of 2020.
The best-selling plugin vehicle? The Tesla Model 3.
A, B, C, D, ESG
With an eye toward environmental consciousness, Personal Capital is one of the largest wealth managers in the country managing socially responsible portfolios. As of May 2022, the total AUM in our socially responsible portfolio topped $3 billion, and about 1 in 4 new clients have opted into this strategy over the last year. Get started on the road to socially responsible investing. >>
How to enter for a chance 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
Here’s how you could 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.
1See full terms & conditions.
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 incentivize 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, May 2021 and May 2022.