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AICPA Survey: Money Stress Taking Toll on Many Americans' Waistlines, Friendships, SleepNEW YORK --(Business Wire)-- Money stress brought on by lighter paychecks this year is affecting more than Americans' wallets - it's taking a toll on their waistlines, friendships and sleep, according to results of a new survey fielded for the American Institute of CPAs by Harris Interactive (News - Alert) in recognition of National Financial Capability Month. The telephone survey, conducted between March 14 and March 17, asked 1,011 U.S. adults to name all the ways financial stress is affecting their lives. Of those who rate their financial stress "very" or "somewhat high," almost half, 47 percent, said they are sleeping less; 43 percent said they have less patience with friends or are seeing them less often; 31 percent are eating more junk food or gaining weight; and a fifth, 21 percent, are arguing more with their spouse or significant other. One in six, or 17 percent, are getting sick more often, according to the survey results. An increase in payroll taxes that took effect in January intensified financial concerns for many Americans, effectively cutting the take home pay for most workers by 2 percent and prompting more than two thirds of those employed, 68 percent, to cut spending, reduce savings or make other sacrifices. Indeed, 44 percent of U.S. adults currently register a high level of financial stress - with women almost twice as likely as men to say it is "very high." Only 28 percent of adults see a reduction in financial stress over the next six months. "Mounting money pressures are making Americans cranky, tired and unhealthy," said Ernie Almonte, CPA, CGMA, chair of the AICPA's National CPA Financial Literacy Commission. "This can lead to a double whammy, with ensuing physical and emotional stress potentially leading to higher long-term costs. Americans must find ways to cope with money stress even when financial challenges seem daunting." Members of the AICPA's National CPA Financial Literacy Commission offer the folowing tips:
The CPA profession has a comprehensive financial education program-360 Degrees of Financial Literacy-to help Americans achieve long-term financial success. A robust website (www.360financialliteracy.org) is the centerpiece of the program with tools, calculators and advice to help Americans understand and manage their financial needs during 10 life stages, from childhood to retirement. In addition, the AICPA earlier this year published the CPA profession's first consumer book, Save Wisely, Spend Happily, with expert advice on myriad topics from CPAs across the country. Methodology Since 2007, the AICPA has conducted an annual survey of Americans to determine their top financial concerns and assess their financial well-being. Harris Interactive conducted this year's telephone survey on behalf of the AICPA within the United States between March 14 and March 17, reaching a nationally representative sample of 1,011 adults aged 18 and older by landline and mobile phone. For more information on the survey, including the full methodology, please contact Jonathan B. Cox (News - Alert) at 919-402-4499, [email protected], or Mitchell Slepian 212-596-6177, [email protected] About the AICPA The American Institute of Certified Public Accountants (AICPA) is the world's largest member association representing the accounting profession, with nearly 386,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants (CIMA (News - Alert)), it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally. The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ. Media representatives are invited to visit the AICPA Press Center at aicpa.org/press.
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