Financial concerns push other life decisions to back burner

04.19.09
By Lewis Green

Owning a home is part of many Americans' dreams, but given the current economic reality, the necessary mortgage loan is sometimes out of reach.

And young girls who had spent their teenage years thinking about their weddings are now more frequently putting marriage on the back burner.

According to a new poll commissioned by the American Institute of Certified Public Accountants, almost half of all employed Americans are concerned about job security and are foregoing other major life decisions to focus on their financial future.

"This recession is raising the very real threat of job loss for many Americans and adding to the financial pressures they already face," said Carl George, chair of the AICPA's National CPA Financial Literacy Commission.

The AICPA says that more individuals are waiting to buy a home, pursue a higher education degree, marry, have children and retire. Some financially-strapped consumers are even postponing medical procedures in light of the current economy.

While consumers are stressed about having sufficient money to live comfortably during retirement and keeping their jobs amid sweeping layoffs, a number of government agencies and nongovernment affiliated groups are trying to help individuals achieve their dreams now, not later.

The government introduced a first-time homebuyer tax credit of up to $8,000 for eligible taxpayers when filing this year or next year's returns as a means to help get families into their first house.

For some couples putting off a wedding due to costs or because they are worried some vendors might not follow through on promised services because of the recession, the Better Business Bureau is offering guidance on obtaining insurance for your big day.

Meanwhile, student loan provider Sallie Mae has been reminding parents with college-aged kids that tuition can be made affordable by seeking external scholarships and applying for federal and private student loans.

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