Slow as the economic recovery has been, rising fuel and food prices are not helping the picture for many American families.
According to a survey conducted by Harris Interactive for the American Institute of Certified Public Accountants, six in 10 Americans have changed their behaviors due to higher gas prices. The changes include traveling less frequently and consolidating trips. Additionally, 48 percent of Americans say higher food prices have also caused them to make changes. People are eating at home more often, buying generic brand products, using more coupons and doing things like growing their own food.
“If there is a silver lining here, it is that many Americans seem to be adjusting their lifestyles to manage budget strains rather than using debt to close the gap,” said Jordan Amin, chair of the National CPA Financial Literacy Commission. “Positive changes like this are so important to achieving long-term financial well-being. Fuel and food prices are stinging all of us. Tacking on double-digit credit card interest only extends and exacerbates the pain.”
The phone survey of 1,005 adults was conducted in late March, leading up to Financial Literacy Month in April. AICPA represents more than 370,000 members in 128 countries and maintains a large office in Durham.