Americans see increased borrowing from friends, family: survey

A new poll reveals that more Americans are borrowing money from family and friends than a year ago.

According to the Census Bureau’s Household Pulse Survey, 25.6 million people, or more than 10% of American adults, had to rely on their support network for financial support, compared to 19.1 million a year

Fourteen percent of respondents who identify as millennials said in the survey that they had borrowed money from family members and friends, an increase of 3% from April 2021.

Eleven percent of respondents who identify as Gen X said they borrowed money from family and friends in the survey, and 8% of respondents who identify as baby boomers said the same. thing.

Seventeen percent of respondents who identify as Black also said in the survey that they had borrowed money from family and friends, representing a 6% increase from at the same time last year.

Fifteen percent of respondents who identify as Hispanic and 7 percent of those who identify as White or Asian also said in the survey that they had borrowed money from family and friends.

The latest Census Bureau survey was conducted from March 30 to April 11, sending invitations to 1 million households and receiving a total of 63,769 responses. The survey achieved a weighted response rate of 6%.

Comments are closed.