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