Avenues to escape daily stress are narrowing, with more Americans forced to give up some of their streaming services to save money, according to a new study.
About 40% of Americans polled by consulting firm Deloitte said that they’ve cut back in the last three months on entertainment subscriptions because of financial concerns. About half of all consumers said they pay too much for the streaming video services, and nearly 75% expressed frustration that prices of their entertainment subscriptions continue to rise, the study said.
“High food and gas prices, as well as other inflationary items are taking a toll on Americans discretionary spending,” said Steven Conners, founder and president of Conners Wealth Management. “They’re forced to cut the one thing they love most – entertainment.”
While Americans may feel a void with fewer opportunities to binge watch, financial advisers cheer the move.
"Someone actually auditing their subscriptions and making cuts is ... a financially aware person taking action, and I'd call that a positive trend," said Christopher Walsh, regional marketing director and financial advisor at Capital Choice Financial Group.
