40% of Americans Cried About Money Within Last Year, Inflation Among Top Reasons

·3 min read

With the cost of everything from gas to groceries souring, LendingTree found that many Americans are crying over the state of their finances

CHARLOTTE, N.C., Aug. 18, 2022 /PRNewswire/ -- LendingTree®, the nation's leading online financial services marketplace, released its survey finding that 40% of Americans cried about money in the last year, and of those who cried, 39% cried due to inflation and 94% cried more than once. Additionally, the survey found that being unable to afford things their family wants or needs (46%) and debt (34%) round out the top three reasons Americans cried about money during the past year.

LendingTree logo (PRNewsfoto/LendingTree)
LendingTree logo (PRNewsfoto/LendingTree)

Key findings

  • 40% of Americans say they've cried about money in the past year. Consumers most likely to shed tears over their finances include those unemployed and looking for work (59%), parents with children younger than 18 (53%), millennials (53%), and women (52%).

  • Of those who cried about money, 39% of Americans cried due to inflation. Not being able to afford things their family wants or needs (46%) and debt (34%) round out the top three reasons consumers cried about money in the past year.

  • 94% of those who cried about money did so more than once. Women cried more than men (39% cried five or more times, compared with 20% of men), while 45% of those making less than $35,000 cried five or more times.

  • As hard as the past year has been for many Americans, some expect the tears to keep coming. A third of consumers (33%) say they will probably cry about money in the next six months.

LendingTree's Chief Credit Analyst, Matt Schulz, had this to add:

"I'm not surprised so many people have cried over money recently. For many Americans, the extra financial cushion they built in the early days of the pandemic has been whittled away to nothing by rampant inflation and other financial headwinds that are largely out of their control. That leaves people feeling helpless and scared, especially when they think there's no end in sight. When that happens, the tears tend to flow, and that's what many Americans are experiencing today."

To view the full report, visit
https://www.lendingtree.com/personal/crying-about-money-survey/ 

Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,598 U.S. consumers ages 18 to 76 from July 8 to 15, 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

We defined generations as the following ages in 2022:

  • Generation Z: 18 to 25

  • Millennial: 26 to 41

  • Generation X: 42 to 56

  • Baby boomer: 57 to 76

About LendingTree

LendingTree is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to make smarter financial decisions through choice, education and support. Consumers can compare multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the logged-in experience, consumers receive free credit scores, credit monitoring, recommendations to improve credit health, and notifications when the proprietary algorithm identifies a savings opportunity. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nelson Garcia
nelson@lendingtreenews.com
704-943-8208

 

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SOURCE LendingTree.com