CHARLOTTE, N.C., Feb. 4, 2021 /PRNewsCentre/ — Stress and spending have always been linked, and the coronavirus pandemic has made financial vices more alluring for many Americans. According to the latest MagnifyMoney survey, 70% of consumers have spent money during the pandemic on financial vices, ranging from alcohol and cigarettes to adult entertainment and lottery tickets — spending nearly $950 on average. Plus, nearly 4 in 10 Americans used money from their savings account to cover these vices in 2020.
To find out how the pandemic impacted this kind of spending, MagnifyMoney surveyed 1,550 Americans on what vices people were spending on — and what money they used to do so.
"People have just been bombarded by stress continuously for the past year, and many people lean on their vices to help them through really difficult times," said Matt Schulz, LendingTree’s chief credit analyst. "It’s troubling because these vices can often do far more damage than good, but I also totally understand why people fall back on them."
"By going into debt over your vices, you’re simply creating multiple problems for yourself while trying to solve another one," Schulz said. "Instead of leaning on one of those unhealthy, costly vices, consider alternatives like exercise, meditation, reading, writing or other things that you might be passionate about that can consume your time and relieve stress. Ultimately, your body, your wallet and your family will be glad you did."
To view the full report, visit: https://www.magnifymoney.com/blog/banking/financial-vices-pandemic-survey/.
MagnifyMoney commissioned Qualtrics to field an online survey of 1,550 Americans, conducted Jan. 8-11, 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:
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.
MagnifyMoney.com, a subsidiary of LendingTree, makes it easy for consumers to shop for the best financial products and get answers to their most important financial questions. MagnifyMoney’s unbiased advice and comprehensive product database helps millions of people compare credit cards, loans, checking accounts and savings accounts. MagnifyMoney’s newsroom of personal finance experts is dedicated to helping people save money and lead financially healthier lives through strategies and tips for avoiding fees, getting out of debt, paying off student loans, avoiding consumer scams and other financial topics. MagnifyMoney was launched in 2014, was acquired by LendingTree in 2017, and is based in New York, NY. For more information, please visit www.magnifymoney.com.