CLEVELAND, Dec. 19, 2016 /PRNewswire/ -- Consumer spending on portfolio management and related services is projected to rise 6.5% annually to 2020. Gains in disposable personal income will boost consumers' ability to save and invest. Furthermore, the aging of the workforce and a general awareness of the importance of saving for retirement among all age groups will contribute to demand for portfolio management services.
Government efforts to increase individual saving rates may also contribute to growth in spending. In 2015, for example, the US Department of the Treasury introduced myRA (ie, my Retirement Account), which offers retirement accounts to those without access to employer-sponsored plans. In addition, several states such as California, Connecticut, Illinois, Maryland, and Oregon have implemented legislation to create retirement accounts for workers in the private sector.
Insights on other sectors of this industry are featured in Professional Services: United States, a report recently released by Freedonia Focus Reports, a division of The Freedonia Group.
The report forecasts US personal consumption expenditures (PCE) on professional services in US dollars to 2020. Expenditures are segmented by service type in terms of:
- portfolio management and related services
- securities trading
- tax preparation and related services
- other services such as employment placement, printing, and private parcel mail.
To illustrate historical trends, total expenditures and the various segments are provided in annual series from 2005 to 2015.
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About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study.
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SOURCE The Freedonia Group