More than half of Americans reported that technology has made it easier for them to spend money rather than save it.
Technological advancements have come with a lot of benefits, but one of them is not the ability to save money, apparently. According to a survey by the American Institute of CPAs, more than half of Americans reported that technology has made it easier for them to spend money.
Only 3% of American adults believe that technology has made it easier to save money. And although 56% find it easier to spend money, 37% are split, explaining that technology has made it easier to do both.
"Our gadgets and connections can bring benefits like mobility and efficiency," said Jordan Amin, chairman of the National CPA Financial Literacy Commission. "But they can also bring financial challenges, like taking money that could go to savings, for instance, or contributing to credit card debt. We have to mind these expenses and budget for them to ensure the benefits outweigh the costs."
Less than half (41%) of Americans download or pay for digital products or services. On average, those people are spending $166 per month for cable TV, home internet access, cell phone service and subscriptions to services like satellite radio. Another $38 per month goes to songs, apps and other products for those who spend money on those things.
Music, movies and TV shows are the most popular downloads for Americans, who purchase, on average, five of each a month. Furthermore, they’re buying two apps, two games and two eBooks.
Proving just how reliant Americans are on their technology, they would rather change what they eat than give up cell phones, downloads or digital TV services.
The amount of people paying for digital products and services is significantly higher for those with annual household incomes of at least $100,000. Of those with high income households, 69% spend money on those items, compared to only 28% of those with annual household incomes of less than $35,000.