Cell phones prized above fancy food in financial pinch

Apr 12, 2012

To contend with a financial crunch, Americans would rather change how they eat than give up their cell phones, downloads or digital TV services, according to a new survey conducted for the AICPA by Harris Interactive.

When asked what they would do in a financial pinch, respondents answered:

  • Cut back on eating out – 41%
  • Cut off cable TV – 20%
  • End cell phone service – 8%
  • Stop downloading songs and digital products – 8%

Only a small number would take actions that could hurt their long-term financial well-being, with 2% saying they would stop contributions to retirement accounts, 1% choosing to skip utility payments and 1% putting off rent or mortgage payments.

The Ohio Society of CPAs is committed to educating Ohioans about financial literacy and smart money management through the Financial Fitness Ohio program. Available resources for members to use or pass on to others include budgeting and debt management.