4 in 10 Americans cried about money during the COVID-19 pandemic: study
It’s no secret that the coronavirus pandemic has caused financial hardships for American families, but some have been burdened so much that they’ve been reduced to tears.
A new survey from LendingTree claims 42% of Americans – a little more than four in ten – have cried about their personal finances due to the ongoing pandemic.
The survey was commissioned from Qualtrics, an experienced management company, and consulted 2,050 U.S. residents between Aug. 2 and Aug. 6.
From the sample, 856 Americans admitted to crying about money during the pandemic. Reasons for the tear shedding varied between good and bad, according to LendingTree.
FILE - A 'Help Wanted' sign is posted beside Coronavirus safety guidelines in front of a restaurant in Los Angeles, California on May 28, 2021.
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The top-cited reason Americans cried over money was job or income loss at 42%. Not being able to afford family wants or needs were the second most cited reason at 33% while debt was a close third at 31%. The fourth most common stemmed from happiness Americans felt when receiving coronavirus-related stimulus checks (26%).
"I'm not really surprised that so many people have cried about money," LendingTree’s Chief Credit Analyst Matt Schulz told FOX Business. "The truth is that the past year has been incredibly emotional for all of us. Our world has been turned around and flipped upside down and it has taken a toll."
He went on, "People get emotional when things seem out of control, and so much has seemed that way for the past 18 months. And when things seem out of control, tears may flow a little more easily. I think that's certainly been the case in 2021."
Schulz noted that the survey could potentially be "undercounted a bit" since some people might not feel comfortable admitting that they’ve cried over money.
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The groups that had higher instances of crying over pandemic-based financial woes were parents with young children (60%), Millennials (59%) and women (55%).
Aside from stimulus checks, LendingTree’s survey found that nearly one in 10 Americans shed happy tears about being able to pause a student loan payment (9%) and finding a new job (8%).
"Don't underestimate how many happy tears might have been shed over money in the past year," Schulz said. "No doubt many people might've been overcome with emotion on that first day back at work after being furloughed or upon receiving a government stimulus check or at the generosity of a friend or family member who offered assistance."