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Finances » Expenditures

Why It's Important

Personal consumption expenditures, also known as PCE, are all funds spent on goods and services intended for individual consumption or use. Personal consumption expenditures include such items as food, beverages, clothing and utilities, as well as housing costs, medical costs and discretionary expenditures that may add to the quality of life. In planning for retirement, most people need to develop a personal or family budget and list their projected living expenses (expenditures) compared to their sources of projected income to determine if they can maintain about the same standard of living they experience today in their retirement years.

See Data By: Richmond MSA | Virginia | National

How Richmond Is Doing

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How Virginia Is Doing

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How the U.S. Is Doing

According to the Bell Investment Advisor’s third annual National Survey on Affluent Boomers on financial stress:

Almost 30 percent of affluent boomers have more financial stress now than they did six months ago
Affluent female boomers report considerably more stress than men (35% vs. 24%)
Affluent boomers on both coasts--in the Northeast (36%) and West (34%) -- report more stress than those in the Midwest (27%) and South (25%)

The study also indicates changes in spending for this cohort:

Of the 40 percent of boomers who are reducing spending in response to the economy, the highest proportions are in the Northeast (50%) and the West (46%), compared with 38 percent in the Midwest and 33 percent in the South.
Based on the survey, 47 percent of affluent boomer women are making lifestyle changes, compared with just one-third of men.
Only four percent of the affluent boomers surveyed report having downsized housing in response to changes in the economy.

(BELL INVESTMENT ADVISORS, AFFLUENT BOOMERS, 2007)

Differences are modest but the oldest group spends a higher percent on health care and housing.