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National Financial Planning Month - Financial Planning Stats

October is National Financial Planning Month and an ideal time to look over your finances before the holiday wish lists come rolling in. That said, here are a few personal financial statistics we thought you might find interesting and helpful this October:

  • Prices have risen on everything this year, from energy to food to shelter. By April, the average household was spending an additional $341 per month over the prior year.

  • The average personal savings dropped 15% from $73,100 in 2021 to $62,086 in 2022. Analysts say several factors contribute to the drop in savings, including, once again, record-high inflation and people spending more as they resume some sense of normalcy in their lives.

  • Looking towards the holidays, Americans spend on average $998 on “holiday essentials,” such as decorations, food, gifts, and shipping costs.

  • Only 30% of Americans have a long-term financial plan that includes savings and investment goals.

If the 2022 financial climate has negatively impacted you, if you’re feeling discouraged, don't be too hard on yourself. Remember, long-term financial health doesn’t happen overnight. It happens one small decision at a time.

If you would like another set of eyes on your finances this fall, give the office a call at 269-324-0080.

We look forward to hearing from you,

The Gasaway Team

7110 Stadium Drive

Kalamazoo, MI 49009 (269) 324-0080 FAX (269) 324-3834

This presentation is not an offer or a solicitation to buy or sell securities. The information contained in this presentation has been compiled from third party sources and is believed to be reliable; however, its accuracy is not guaranteed and should not be relied upon in any way, whatsoever. This presentation may not be construed as investment advice and does not give investment recommendations. Any opinion included in this report constitutes our judgment as of the date of this report and are subject to change without notice. The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. Certain risks exist with any type of investment and should be considered carefully before making any investment decisions. Keep in mind that current and historical facts may not be indicative of future results. The information provided is for educational purposes only and not intended to provide any investment, tax or legal advice. Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website.

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