Jakarta, The Indonesia Post – More Americans are borrowing money from family and friends than last year, The Hill, a leading US political website, reported Monday, citing a new survey.
According to the U.S. Census Bureau’s Household Activity Survey, conducted from March 30 to April 11, approximately 25.6 million people, or more than 10 percent of U.S. adults, must rely on their social networks for financial assistance.
This figure is up from 19.1 million people last year, the report said.
Fourteen percent of respondents who identified as millennials said in the survey that they borrowed money from their family members and friends. This figure is an increase of 3 percent from April 2021.
Eleven percent of respondents who identified as Gen X also said they borrowed money from their family and friends in the survey, and 8 percent of respondents who identified themselves as baby boomers said the same, the report added.
The survey also shows the country’s racial differences.
Seventeen percent of respondents who identified as black and 15 percent of respondents who identified as Hispanic said in the survey that they borrowed money from family members and friends.
So did 7 percent of those who identified as white or Asian, according to the report. (ojn/bbs)
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