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.
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 said, “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.”