Bank of America tracks older consumer spending using Federal Reserve survey data
What happened
Bank of America tracked spending among Social Security recipients using Federal Reserve Survey of Consumer Finances information. The resulting report found that baby boomer and traditionalist households have posted weaker discretionary spending growth than other Americans for roughly a year.
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Why it matters
The report ties the spending slowdown partly to wealth distribution, noting that about two-thirds of net wealth among households headed by someone older than 65 is held by the top 10% of those households. This concentration suggests that stock market and asset gains may not support spending for most older consumers.
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Who's involved
- Bank of AmericaConducted the analysis tracking spending using consumer finance data
- FEDProvided the Federal Reserve Survey of Consumer Finances data used in the analysis
- Social Security AdministrationIs the source of the spending habits being tracked by the analysis
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Social Security AdministrationSpeculative
The Social Security Administration might see changes in demand for goods and services due to shifts in purchasing power.
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The entities involved
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FED
business
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Bank of America
American multinational banking and financial services corporation
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Social Security Administration
independent agency of the U.S. federal government