Debt, Lack of Savings Among Americans' Financial Worries


According to a Consumer Reports national survey, one-third of Americans said they are worse off financially than they were a year ago.

The telephone survey of 1,004 adults found that the respondents’ biggest fears were:

  • Ability to retire when they wanted to or even having enough to retire (72%)
  • Ability to pay for their children’s college education (68%)
  • Safety of their bank accounts (55%)
  • Existing credit card debt (35%)


As a result of these concerns, many of the respondents reported that they had cut back on spending, with 56% saying they reduced spending on entertainment and eating out and 53% saying they reduced credit card spending.

Source: Consumer Reports, www.consumerreports.org.

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.