Some Americans are changing their financial behaviors and delaying purchases based on their feelings about their financial situation, according to a new survey by the American Institute of CPAs.
Thirty-seven percent of adults have felt cautious and 36% have felt uncertain about their financial situation in the past 12 months. As a result, 28% reported they have been charging less to their credit cards, and 27% said they have started saving or increased their savings rate.
Over a quarter (27%) said they delayed a major purchase — like a car or home — in the past 12 months, and over half (57%) of those who delayed something said it was because of the cost of goods and services.
“Money is one of the biggest stressors in many Americans’ lives, at times causing anxiety and tension with a spouse, partner or other family members,” Dan Snyder, director of personal financial planning for the AICPA, said in a statement. “Taking control of your financial situation and finding comfort with what you can and can’t control is a good starting point to help alleviate financial uncertainty.”
Looking forward, respondents were divided on how the next 12 months will compare to the previous 12 months. Thirty-three percent believe it will be better, 37% expect it will be the same and 30% anticipate it will be worse.
The survey was conducted by The Harris Poll on behalf of the AICPA to kick off National Financial Literacy Month. It collected responses from over 2,000 U.S. adults from April 1-3.
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