42% of Americans Cried About Money During the Pandemic

Rhea-AI Summary

LendingTree conducted a survey revealing that over 40% of Americans cried about their financial situations during the COVID-19 pandemic. The primary cause was job or income loss (42%), followed by affordability concerns (33%) and debt issues (31%). Notably, women (55%) were more likely than men (29%) to cry about money. However, some consumers reported 'happy cries' due to stimulus checks (26%) and paused student loan payments (9%). The survey, conducted with 2,050 participants, highlights the emotional toll of the pandemic on financial well-being.

Positive

• 26% of respondents experienced 'happy cries' due to stimulus checks.
• The survey provides insights into consumer sentiment, which could aid financial services.

Negative

• 42% of Americans reported crying due to job or income loss.
• Affordability concerns affected 33% of respondents, indicating financial strain.
• 31% faced issues related to debt, highlighting economic challenges.

CHARLOTTE, N.C., Aug. 25, 2021 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, released its survey surrounding the emotional reactions Americans experienced during the pandemic due to the financial impacts of COVID-19. The survey found that more than 4 out 10 Americans cried about money during the pandemic; job and income loss were the most common reasons for crying.

Key findings

• More than 4 in 10 Americans admitted to shedding tears over their financial situation during the COVID-19 outbreak.
• About twice as many women (55%) admitted to crying about money during the pandemic than did men (29%). Parents of children under 18 (60%) and millennials (59%) were also more likely to report shedding tears over money since March 2020.
• Job or income loss (42%) was the No. 1 cause for crying during the pandemic. Other top reasons were centered around affordability of needs and wants (33%) and facing debt (31%).
• Some consumers have had a "happy cry" during the pandemic, thanks to stimulus checks (26%) or paused student loan payments (9%), among other reasons.

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

Methodology

LendingTree commissioned Qualtrics to conduct an online survey of 2,050 U.S. consumers from Aug. 2-6, 2021. The survey was administered using a non-probability-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 2021:

• Generation Z: 18 to 24
• Millennial: 25 to 40
• Generation X: 41 to 55
• Baby boomer: 56 to 75

While the survey also included consumers from the silent generation (defined as those 76 and older), the sample size was too small to include findings related to that group in the generational breakdowns.

About LendingTree
LendingTree (NASDAQ: TREE) 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

View original content to download multimedia:https://www.prnewswire.com/news-releases/42-of-americans-cried-about-money-during-the-pandemic-301362714.html

SOURCE LendingTree

FAQ

What percentage of Americans cried about money during the pandemic?

Over 40% of Americans admitted to crying about their financial situations during the COVID-19 pandemic.

What were the main reasons Americans cried about money during COVID-19?

The primary reasons included job or income loss (42%), affordability concerns (33%), and debt issues (31%).

How many people participated in the LendingTree survey on financial emotions?

The survey included 2,050 U.S. consumers.

What demographic was most affected by financial stress according to the survey?

Women (55%) were more likely than men (29%) to cry about money.

What positive financial factors were reported in the LendingTree survey?

26% of respondents reported 'happy cries' due to stimulus checks and 9% due to paused student loan payments.