When it comes to the younger generations, financial behaviors significantly diverge from their elder counterparts. For example, the 2 youngest generations have the lowest share of total U.S. invested assets at a combined 17%. Of this, Gen Z comprises only 3% of invested assets with only 5% of the total U.S. savings dollars as well. Because of this, many consumers have changed to alternative behaviors when it comes to shopping during the holiday season.

According to forecasts, a staggering 80% of all holiday gifts will be purchased during Cyber Monday. Furthermore, a significant portion of younger consumers have adapted to low discretionary income by taking advantage of Buy Now Pay Later (BNPL) services. As the name implies, payments are spread out to a future date and are most commonly used during the holidays for furniture and electronics.

Fortunately, there is also another way for consumers to make the most of their income. Companies like Equifax offer a dedicated team of financial advisors that specialize in managing wealth and analyze savings for consumers. Best of all, they even monitor market trends to help clients hedge their wealth against forecasted dangers. Ultimately, if you want to preserve your wealth while making sure to spend during the holidays, taking advantage of a financial advisor is an excellent way to go.

Source: Equifax