43% of Americans Have Gone Into Debt Trying to Buy Happiness, 33% Say Money Makes Them Happier Than Love

Rhea-AI Summary

LendingTree released a study revealing 88% of Americans spend on items to boost happiness, with travel and food leading at 45%. Notably, 43% have incurred debt for happiness pursuits, and 33% believe money brings more happiness than love. However, 54% of respondents found that these purchases only offered temporary relief. Higher-income individuals are more likely to think money can buy happiness, especially post-pandemic, with 19% believing it fully buys happiness. The survey involved 2,102 U.S. consumers conducted by Qualtrics.

Positive

• 88% of Americans spend money for happiness, indicating market potential for travel and food sectors.
• High-income consumers believe money can buy happiness, suggesting a targeted marketing strategy.

Negative

• 43% of Americans have gone into debt pursuing happiness, indicating potential financial distress.
• 54% find that spending money only brings temporary happiness, raising concerns about sustainable consumer spending.

CHARLOTTE, N.C., Jan. 19, 2022 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, released its study exploring whether money can buy happiness. The study found that nearly 9 in 10 Americans (88%) have spent money on something to make them happier, and 43% have gone into debt in the pursuit of happiness. Additionally, the study found that while 33% of people say money makes them happier than love, the majority of those who spent money to make themselves happier say it worked only temporarily (54%).

Key findings

• Nearly 9 in 10 Americans (88%) have spent money on something to make them happier. Travel and food are the top items consumers purchase to find happiness (both 45%), followed by shopping sprees for clothes, shoes, or accessories (42%).
• 43% of Americans have gone into debt in the pursuit of happiness.
• 33% of Americans say money makes them happier than love. Men, millennials, and six-figure earners are most likely to agree (all 38%).
• The majority of those who spent money to make themselves happier say it worked only temporarily (54%). Higher earners are more likely to say it worked completely, while lower earners say it only provided temporary relief.
• Consumers with high incomes are more than twice as likely to believe money buys happiness than those who earn less, and many cite the pandemic. Overall, 19% of Americans think money can buy happiness, while 70% agree it can reduce stress.

To view the full report, visit
https://www.lendingtree.com/debt-consolidation/money-happiness-survey/ 

Methodology

LendingTree commissioned Qualtrics to conduct an online survey of 2,102 U.S. consumers from Dec. 14-20, 2021. 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 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 (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

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SOURCE LendingTree.com

FAQ

What did LendingTree's study reveal about Americans' spending habits for happiness?

The study found that 88% of Americans spend money to boost happiness, with travel and food as the top choices.

How many Americans have gone into debt trying to buy happiness according to LendingTree?

According to LendingTree, 43% of Americans have incurred debt in pursuit of happiness.

What percentage of Americans believe money makes them happier than love?

33% of Americans believe money makes them happier than love, with men and millennials showing higher agreement.

What percentage of respondents said money only provides temporary happiness?

54% of those who spent money on happiness reported that it worked only temporarily.

How was the LendingTree happiness study conducted?

The study was conducted by Qualtrics, surveying 2,102 U.S. consumers from December 14-20, 2021.