A Financial Literacy Month survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) found that more than one third of American adults have felt cautious (37%) or uncertain (36%) about their financial situation in the past 12 months.
“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,” says Dan Snyder, CPA/PFS, director of Personal Financial Planning for the American Institute of CPAs (AICPA).“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 was conducted April 1-3 among over 2,000 U.S. adults as a kickoff to National Financial Literacy Month, which explores the benefits of understanding your personal finances and promotes financial education and empowerment.
Changing Financial Behaviors
- When asked about new financial behaviors they adopted in the past 12 months, 28% of Americans reported that they have been charging less on their credit cards.
- Over a quarter (27%) started saving or increased their savings rate in the past 12 months, with those ages 18 to 44 significantly more likely to have done so than those ages 45+ (37% versus 19%).
Finances Creating Delays
- Over a quarter of Americans (27%) delayed a major purchase (e.g., home, car) in the past 12 months.
- Over half of those who delayed something for financial reasons in the past 12 months (57%) said it was because of the cost of goods and services.
- Those who delayed something for financial reasons in the past 12 months aged 18-54 were more likely to say it was due to lack of savings than those aged 65+ (47% versus 26%).
- When asked if they had delayed something for financial reasons in the past 12 months, those aged 55+ were more likely to say they hadn’t delayed anything versus those under age 55. (56% versus 29%).
- Twenty percent of Americans haven’t initiated any new financial behaviors over the past 12 months.
Looking Forward
When discussing feelings about their financial situation over the next 12 months compared to the previous 12 months, Americans were divided:
- 33% believe it will be better
- 37% believe it will be neither better nor worse
- 30% believe it will be worse
Advice for Handling Financial Stress
Take inventory of your finances
Start by reviewing your spending habits, debt levels, savings and investments and credit reports and scores. It’s important to know how much is coming in, where you are spending and where you can cut expenses and increase your savings. You will need to inventory all debt and categorize it by type, institution held, interest rates and maturity dates. Also look at all recurring costs, such as utilities, to determine what must be paid each month.
Keep perspective and know what you can (and can’t) control
Financial markets go up and down, and those fluctuations are out of your control. You can help manage finance-related stress if you understand which financial issues can be addressed.
Build a solid financial plan by working with a CPA financial planner or a CPA Personal Financial Specialist (PFS) credential holder to determine retirement and savings needs and investment growth targets, then build an investment portfolio that can help you reach those goals.
Find opportunities and tools to help you today and in the future
Take advantage of autopay options to reduce how many bills and payments you have to remember each month. At the same time, set up automatic savings plans to build an emergency fund for future economic downturns.
Leverage apps and other software to track your spending and find areas to cut back. Sign up for alerts from your bank or credit card providers to make sure you can address fraudulent charges quickly.
Consumers can find more financial literacy resources from the AICPA here.
This survey was conducted online within the United States by The Harris Poll on behalf of AICPA from April 1-3, 2025, among 2,081 adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level.
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Tags: consumer spending, Payroll, recession
