CHARLOTTE, N.C., Oct. 22, 2019 /PRNewswire/ -- If you've ever
felt so moved by your financial situation that you cried over it,
you're far from alone. According to a recent survey by
CompareCards.com, nearly 70% of Americans admit to becoming
emotional over their finances.
While some say they've been moved to tears by joyful events,
such as a financial windfall or treasured gift, many more Americans
say that financially stressful experiences, such as a lost job,
mounting debt or a pinched budget, were responsible for their
weeping.
Key findings:
- Crying about money is common. Around 7 in 10 Americans
say they have cried over something related to their finances.
- It's been a tough year for many. 57% of Americans said
they teared up sometime this year — usually because they were
upset.
- Young people are especially likely to say they've cried
recently. Nearly 48% of millennials between the ages of 23 and
38 said they've cried over money at least once in the past month. A
similar proportion of Generation Z members between the ages of 18
and 22 said the same.
- Money is a chief stressor for a major portion of the
population. At least 4 in 10 Americans agree with the
statement, "Nothing makes me cry more than money."
- Debt is by far the biggest stressor driving people to
tears. Employment stress and living expenses also weigh
heavily.
- Political divisions even extend to debt. Democrats were
twice as likely as Republicans to say they cried because of student
debt.
Crying about money is common
Among those who have cried because of money, most say they were
brought to tears fairly recently. For example:
- 36% of respondents said they cried sometime in the past
month.
- 21% said they cried sometime in the past year.
- Just 13% of people who said they've cried over money said it's
been more than a year since the last time money brought them to
tears.
Not every respondent cried because they were feeling upset,
though. A number of respondents said they were moved to tears by
happy events that made their lives richer or less financially
stressful. For example:
- Almost three-fourths of respondents said they cried because of
negative emotions. However, 29% said they cried because they were
happy.
- For example, 13% cried because of a financial windfall.
- 12% were moved to tears by a gift.
- Men were twice as likely as women to say they were moved to
tears by a positive event related to their finances.
- People with larger incomes are more likely to say they were
moved to tears by something positive.
Young people are especially likely to say they've cried
recently
Young people in their 20s and 30s are much more likely than
older generations to become emotional over money, the survey found
— perhaps because many are dealing with more acute financial
stressors.
Members of both Generation Y and Generation Z, for example, are
more than twice as likely as baby boomers to have recently cried
about their finances. They are also more likely to say that student
loans, personal loan debt, auto loans or credit card debt have, at
times, brought them to tears. In addition, millennials are
significantly more likely than their baby boomer parents to say
they've cried over their mortgage or rent payments.
Many 20- and 30-somethings are also first-time parents and are
raising kids on a limited budget, which may also be contributing to
their stress. According to the CompareCards survey, for example,
parents of minors are substantially more likely than other
Americans to say they've recently cried over their finances.
Money is a chief stressor for a major portion of the
population
At least 4 in 10 Americans agree with the statement, "Nothing
makes me cry more than money."
- Men are more likely than women to agree with that statement.
For example, 47% of men agree that money makes them more emotional
than anything else, compared to 34% of women.
- Millennials — many of whom are saddled with student loan debt,
building their careers or raising young families — are also twice
as likely as baby boomers to agree.
Debt is by far the biggest stressor driving people to
tears
The top stressors causing people to cry, for example,
include:
- Household debt: 31% of people say their overall debt
situations have made them emotional.
- High-interest credit card balances: 20% of respondents
said credit card debt in particular had made them cry.
- Unemployment: 15% of people said they cried over a lost
job.
- Cost of living problems: 14% of respondents said that
rent or mortgage issues made them tearful.
- A cramped budget: 14% of people said that drafting or
attempting to stick to a budget led them to tears.
Besides credit card debt and housing debt, a number of Americans
say they're stressed out by:
- Student loan debt: 13%
- Medical debt: 12%
- Personal loan debt: 10%
Several other financial stressors have also pushed people to
tears, such as:
- Credit scores: 13%
- Taxes: 12%
- Identity theft: 6%
- Retirement: 6%
- The stock market: 5%
Meanwhile, 7% said they had other reasons for feeling emotional.
Another 5% said that none of the common stressors listed had ever
brought them to tears.
To view the full report and for more information, visit
https://www.comparecards.com/blog/americans-cried-about-money/.
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 shop for financial
services the same way they would shop for airline tickets or hotel
stays, comparing 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 refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. 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.
About CompareCards:
CompareCards' mission is to help
people make smarter, more informed, healthier financial decisions
based on deeper knowledge of financial offers. Each month, over 2.9
million visitors come to CompareCards' website to independently
compare credit cards side-by-side and choose a credit card based on
interest rate, reward benefit, cost savings, and other factors that
are important to each person. CompareCards provides easy-to-use,
objective tools and educational resources that help people do
everything from making credit card comparisons to managing their
credit health. For more information, please visit
http://www.comparecards.com.
MEDIA CONTACT:
press@comparecards.com
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SOURCE CompareCards