Financial stress is a pervasive issue affecting millions of Americans. A recent survey by the American Institute of CPAs (AICPA) reveals that 37% of adults have experienced caution and 36% have felt uncertain about their financial situation in the past 12 months.
- Cost concerns are the primary driver of these feelings, with 57% of respondents citing the cost of goods and services as the reason for delaying major purchases like cars or homes.
- Reduced spending is another common response, with 28% of respondents reporting that they have charged less to their credit cards and 27% saying they have started saving or increased their savings rate.
The AICPA’s findings suggest that financial uncertainty is having a profound impact on Americans’ spending habits. With many feeling anxious or stressed about their financial situation, it’s no wonder that they’re taking a more cautious approach to their spending.
“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, explained. “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.”
The survey also found that respondents were divided on how the next 12 months will compare to the previous 12 months. While 33% believe that the next 12 months will be better, 37% expect it to be the same, and 30% anticipate it will be worse.
| Generation | Percentage of Respondents |
| Gen Z (born 1997-2012) | 22% |
| Millennials (born 1981-1996) | 31% |
| Generation X (born 1961-1980) | 29% |
| Baby Boomers (born 1946-1960) | 18% |
The AICPA conducted the survey in April 2019, in partnership with The Harris Poll, as part of National Financial Literacy Month. The survey collected responses from over 2,000 U.S. adults. The findings highlight the need for financial education and planning. By taking control of their financial situation, individuals can alleviate financial uncertainty and make more informed decisions about their spending habits.
news is a contributor at CreditOfficer. We are committed to providing well-researched, accurate, and valuable content to our readers.
