Americans Value Bargains Over Time
It seems as if the old adage, “time is money” is not as true as it used to be, as many Americans value money more than their time, according to recent research from the American Institute of CPAs (AICPA).
The study, which surveyed over 1,000 adults, found the majority of Americans value time and money equally (59%). However, nearly three times as many say cost (30%) is more important than the time and energy involved in a purchase (11%).
Americans may value money over time since we are coming off a recession, and many consumers are trying to protect their money. The study found that while 61% of Americans believe budgeting their time and finances are equally important, they are more likely to say that budgeting their finances is more important than budgeting their time (24% versus 15%).
The study also looked at how personal technology is affecting shopping habits. Almost all Americans (95%), regardless of their age, have used personal technology, such as smartphone apps, to make a purchase. Many also believe technology helps them budget their money (47%) and time (46%). However, the AICPA had a warning about this technology. The study found that 41% said technology made it more likely they would pay extra for convenience, and 67% worry about the security.
“Any conversation about the financial implications of personal technology would be incomplete without mentioning the potential for identity theft. Americans need to be careful with their purchasing decisions when online and using apps,” said Greg Anton, chairman of the AICPA’s National CPA Financial Literacy Commission. “With a world of goods and services available at the tap of a screen, technology has the potential to save consumers both time and money. However, if they are not careful that convenience can come at a significant cost.”