Survey shows more Americans are borrowing money from family and friends: media

LOS ANGELES, May 5 (Xinhua) -- More Americans were borrowing money from family and friends than they were a year ago, reported The Hill, a top U.S. political website, on Monday, citing a new survey.

According to the U.S. Census Bureau's Household Pulse Survey, which was conducted from March 30 to April 11, around 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 ago, said the report.

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, the report added.

The survey also showed racial divides in the country.

Seventeen percent of respondents who identify as Black and 15 percent of respondents who identify as Hispanic said in the survey that they borrowed money from family members and friends, while 7 percent of those who identify as either white or Asian also said that they borrowed money from family and friends, according to the report.