The high cost of high tech

Want to know where all of your money is going? Talk to your hand.

More than half of American adults believe technology like smartphones has made it easier to spend money. Only 3 percent say it has made it easier to save, according to a survey conducted for the American Institute of CPAs by Harris Interactive.

Adults who subscribe to digital services spend an average of $166 each month for cable TV, home Internet access, mobile phone service and digital subscriptions, like satellite radio and streaming video, a national phone poll of 1,005 of those adults found. That’s the equivalent of 17 percent of their monthly rent or mortgage payment. Those who download songs, apps and other products spend an additional $38 per month, on average.

“Given those expenses, it’s no wonder that 56 percent of Americans believe that technology has made it easier to spend money and only three out of 100 say it has made it easier to save,” said a spokesperson for AISPA. “Thirty-seven percent are split on the issue, saying technology has made it easier to both spend and save.”

Can you afford the high cost of high tech? Can any of us afford the alternative?

— Jeff Widmer