Americans see spike in borrowing from friends, family: survey
A new poll finds more Americans are borrowing money from family and friends than they were a year ago.
According to the Census Bureau’s Household Pulse Survey, 25.6 million people, or more than 10 percent of U.S. adults, had to rely on their support network for financial backing, up from 19.1 million a year
Fourteen percent of respondents who identify as millennials said in the survey that they borrowed money from their family members and friends, a 3 percent increase from April 2021.
Eleven percent of respondents who identify as Generation X said that they borrowed money from their family and friends in the survey, and 8 percent of respondents identifying as baby boomers said the same.
Seventeen percent of respondents who identify as Black also said in the survey that they have borrowed money from family members and friends, seeing a 6 percent increase from this time last year.
Fifteen percent of respondents who identify as Hispanic and 7 percent of those who identify as either white or Asian also said in the survey that they have 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 had a weighted response rate of 6 percent.