The LendingTree survey found that income loss was the most common reason for crying during the pandemic
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.
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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.
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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.
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