40% of Americans have cried over money in the last year, inflation among top reasons

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With the cost of everything from gas to groceries, LendingTree found many Americans were crying over the state of their finances.

CHARLOTTE, North Carolina, August 18, 2022 /PRNewswire/ — LendingTree®the country’s leading online financial services marketplace, released its investigation finding that 40% of Americans have cried over money in the past year, and of those who have cried, 39% have cried over inflation and 94% have cried more than once. Additionally, the survey found that the inability to afford the things their family wants or needs (46%) and debt (34%) round out the top three reasons Americans have cried. about money over the past year.

Main conclusions

  • 40% of Americans say they have cried about money in the past year. Consumers most likely to shed tears over finances are unemployed and job seekers (59%), parents with children under 18 (53%), millennials (53%) and women (52%).
  • Of those who cried over money, 39% of Americans cried over inflation. Not being able to afford the things their family wants or needs (46%) and debt (34%) round out the top three reasons consumers have cried over money in the past year.
  • 94% of those who have cried over money have done so more than once. Women cried more than men (39% cried five or more times, compared to 20% of men), while 45% of those who earned less than $35,000 cried five or more times.
  • As difficult as the past year has been for many Americans, some expect the tears to continue to flow. A third of consumers (33%) say they are likely to cry about money in the next six months.

Chief Credit Analyst at LendingTree, Matt Schulzhad this to add:

“I’m not surprised so many people have been crying over money lately. For many Americans, the extra financial cushion they built up at the start of the pandemic has been wiped out by runaway inflation and other financial headwinds that are largely beyond their control. It leaves people feeling helpless and scared, especially when they think there is no end in sight. When this happens, tears tend to to sink, and that’s what many Americans are going through today.

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

Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 1,598 US consumers aged 18-76 July 8 to 15, 2022. The survey was administered using a non-probability sample and quotas were used to ensure that the base sample represented the overall population. All responses have been reviewed by researchers for quality control.

We have defined generations as the following ages in 2022:

  • Generation Z: 18 to 25 years old
  • Millennial: 26 to 41
  • Generation X: 42 to 56
  • Baby boomers: 57 to 76

About LendingTree

LendingTree is the nation’s first online marketplace that connects consumers to 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 a single search and choose the option that best suits their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the Connect 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, visit www.lendingtree.comcall 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nelson Garcia
[email protected]
704-943-8208

SOURCE LendingTree.com

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