“When making a major life decision, don’t just focus on the immediate costs. “As the economy continues to pick up steam and we put the recession further in the rearview mirror, it is important to be cautious and not forget the difficult financial lessons we learned,” said Greg Anton, CPA, chairman of the AICPA’s National CPA Financial Literacy Commission. With the average wedding in the US costing more than $30,000 and the estimated price to raise a child through age 17 eclipsing $230,000, it is clear that these big life steps come with a price tag. Unstable economic times can often make getting married and starting a family difficult because of the potential financial commitment involved. This according to a recent telephone survey, conducted in April 2018 on behalf of the American Institute of CPAs (AICPA) by The Harris Poll. Additionally, only 7 percent put off having children, compared to 13 percent in 2015. For example, 6 percent put off marriage last year, a change from 12 percent in 2015. The percent of Americans putting off specific life events for financial reasons has been nearly cut in half for a few areas. This is an improvement from the 51 percent in a similar 2015 survey when Americans were still recovering from the recession. A new survey found that the number of American adults that have postponed at least one important life decision in the last year for financial reasons has fallen to 35 percent. As the economy continues to recover, more Americans are taking their lives off hold as fewer are being forced to delay going to college, getting married or having kids because of financial concerns.
NEW YORK (May 15, 2018) – The recent recession caused Americans to face some hard economic realities. The number of Americans putting off specific life decisions such as marriage, having children, buying a house and higher education is shrinking.īad financial habits are making a comeback as fewer people report making positive changes to their financial behavior. Only a third of Americans delayed a major life decision in the past year for financial reasons, a significant improvement from 2015.
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