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Lending Between Family or Friends is Likely to Result in Guilt, Hurt Feelings, or Regret, LendingTree Survey FindsCHARLOTTE, N.C., Nov. 13, 2019 /PRNewswire/ -- More than 60% of Americans have borrowed money from or lent money to friends and family in the last five years, according to LendingTree's recent survey of over 1,000 Americans. With 35% of those who have lent money nearly a third of borrowers and lenders reported negative consequences resulting from the loan, ranging from hurt feelings (14%) and resentment (10%) to irreparable harm to the relationship (4%). Key Findings
Americans are more willing to lend and borrow from family than friends A quarter of survey respondents said they would not give their friend a loan, while only 17% said the same for famiy members. When it comes to borrowing, the amount someone is willing to borrow increases when borrowing from a family member. For amounts more than $20,000 they were more likely to request help from a family member than a friend. Similarly, survey respondents were also more likely to lend larger amounts of money to family members. Respondents were twice as likely to be willing to lend an amount over $20,000 to a family member than to a friend. It is worth nothing that millennials are the most likely generation to borrow money from and lend money to loved ones. Overall, 64% of millennials have lent money to friends/family in the past 5 years, and 59% have borrowed money from friends/family in the same time frame. Additionally, only 15% of millennials would not consider lending money to a friend, compared to 21% of Gen Xers and 38% of Baby Boomers who would not consider lending to a friend. Why Americans are borrowing and lending money to others Needing to borrow money from a loved one is usually not something you expect to happen. But sometimes, it may be the most practical and affordable option for borrowing money. The following are just a few reasons why Americans are lending or borrowing money:
Full survey findings and additional details can be found here: https://www.lendingtree.com/personal/study-lending-between-family-friends/ Methodology LendingTree commissioned Qualtrics to conduct an online survey of 1,022 Americans — 620 of whom borrowed and/or loaned money to a friend or family member within the last five years. About LendingTree MEDIA CONTACT: View original content to download multimedia:http://www.prnewswire.com/news-releases/lending-between-family-or-friends-is-likely-to-result-in-guilt-hurt-feelings-or-regret-lendingtree-survey-finds-300957705.html SOURCE LendingTree.com |