TMCnet News
2 in 5 Americans Say Online Shopping Has Busted their Budget: AICPA SurveyShopping online from the comfort of your home can be easy and convenient, but it also leads to increased spending if you're not careful. Two in 5 Americans (41 percent) say the ability to shop online has made it harder for them to stick to a monthly budget. And with more than half of Americans saying they have increased their overall online shopping (56 percent) since the start of the pandemic and online retailers regularly hosting annual savings bonanzas- budgets beware. This all according to research conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) late in the fourth quarter of 2020. "Online shopping is a powerful tool that can either bolster or bust your budget depending on how you approach it," said Gregory J. Anton, CPA, CGMA, chairman of the AICPA's National CPA Financial Literacy Commission. "If you take the time to shop online strategically, you should be able to compare and save, which gives you the opportunity to allocate money towards other financial goals." Poor Online Shopping Habits Potentially Busting Budgets The survey also found that half of Americans (52 percent) say buying things when they want, without thinking too much about how much they cost, makes them feel good. An activity sometime referred to as 'retail therapy.' And concerningly, 2 in 5 Americans (39 percent) say they often don't realize the total amount they have spent on their credit or debit card until they see their monthly statement. "When spending is driven by emotions of want rather than need, it can get out of hand. Left unchecked, it can lead to serious financial drain," added Anton. Tips to Help Americans Keep Their Online Shopping from Busting Their Budget
1. Shop with a plan
2. Take Time to Run the Numbers
3. Try a cooling off period
4. Don't shop out of boredom
5. Utilize technology wisely
Additional Survey Findings
Methodology This survey was conducted online within the United States by The Harris Poll on behalf of AICPA from December 15-17, 2020 among 2,116 U.S. adults ages 18 and older. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected]. About the AICPA's 360 Degrees of Financial Literacy Program The AICPA's 360 Degrees of Financial Literacy Program is a nation-wide, volunteer grass-roots effort to help Americans develop a better understanding of money management and take control of their financial lives. Since 2005, the AICPA has been empowering people to make better decisions with the tools and resources on the 360 Degrees of Financial Literacy website. Financial Literacy is the cause of the CPA profession and the 360 Degrees of Financial Literacy program is the AICPA's flagship corporate social responsibility effort. These efforts are focused on financial education as a public service and are completely free from all advertising, sales, and promotions. Connect on Facebook for tips, insights and motivation to keep your finances on track. About the American Institute of CPAs The American Institute of CPAs® (AICPA®) is the world's largest member association representing the CPA profession, with more than 428,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210616005067/en/ |