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By Michaela Ross
June 26, 2015
iStock

A new study shows more than half of Americans have put off major life events like retirement and marriage because of financial worries in the last year. And that number has grown significantly since the recession, according to a poll from the American Institute of Certified Public Accountants (AICPA).

When asked whether they delayed an important life decision because of money woes, 51% of respondents answered yes, up from only 31% in 2007.

A closer look shows the number of Americans putting off certain life events for financial reasons has more than doubled. For example, 24% put off going back to college last year, up from only 11% before the financial downturn, and 18% put off retirement, compared with only 9% in 2007.

Many also put starting a family on the back burner: 12% put off getting married, compared with 6% in 2007; 13% delayed having kids, up from 5%; and 22% put off buying a home, compared with 14% before the housing bust.

The number one financial worry that held people back from these milestones? A lack of savings, cited by 60% of survey respondents.

“If you don’t have adequate savings in place or you’re having trouble paying your bills, it may make sense to hold off on major life decisions until you’re on more solid financial footing,” explained Ernie Almonte, chairman of the AICPA’s National CPA Financial Literacy Commission.

But there are many ways people can make sure financial worries don’t get in the way of life goals, Almonte added. Among them: sticking to a monthly budget to keep you living within your means, starting an emergency fund to help with unexpected costs, and increasing the amount you save from each paycheck.

 

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The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

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