Americans would rather change what they eat than give up their cell phones, downloads or digital TV services, according to a new survey conducted for the American Institute of CPAs by Harris Interactive. The good news is that only a small percentage of those surveyed said they would cut contributions to their retirement accounts.
Harris polled 1,005 adults about what action they would take in a financial pinch. Forty-one percent of adults said they would cut back on eating out, 20 percent said they would cut off cable TV, 8 percent said they would end cell phone service and another 8 percent said they would stop downloading songs and digital products.
Only a small number would take actions that could hurt their long-term financial well-being, with 2 percent saying they would stop contributing to their retirement accounts, 1 percent saying they would skip utility payments and 1 percent saying they would put off paying their rent or mortgage payments.
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"Financial success depends on setting clear goals and priorities and sticking with them in good times and bad," said Jordan Amin, chair of the National CPA Financial Literacy Commission. "While it's clear that Americans' priorities are changing, these results suggest that in tight times they won't jeopardize tomorrow to deal with the financial challenges."
The results come as 94 percent of American adults said they have financial concerns of one sort or another. Four in 10 adults, 41 percent, identified basic living expenses—including the cost of gas, uninsured medical expenses and lack of emergency savings—as their top financial concern. Twenty-seven percent said their main concerns are related to long-term goals, such as paying for education and saving for retirement. Worries about jobs, homes and caring for aging parents rounded out the list.
"For the first time in three years gas prices—not retirement—is the top financial concern in America," Amin said. "Every time we fill up we're reminded that the cost of living is higher. Budgeting is key to ensure that we make it through these challenges and focus on long-term goals."
The American Institute of Certified Public Accountants is the world's largest association representing the accounting profession, with nearly 377,000 members in 128 countries and a 125-year heritage of serving the public interest.
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