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About 25.6 million Americans, more than 10 percent of all adults, borrowed money from family or friends between 30 March and 11 April to meet basic expenses, the U.S. census bureau’s Household Pulse survey reported.
The number is 25 percent more than a year earlier.
Millennials did the most borrowing. There are nearly 40 million Millennial households in the U.S. but they own only 6.4 percent of the nation’s wealth, Bloomberg reported.
Baby Boomers make up about the same number of households but hold more than half of the nation’s assets.
Millennials have struggled through the Great Recession and the COVID War, stunting their career earning prospects and hobbling their ability to save.
Also, many Millennials are toting tens of thousands of dollars in student debt.
Black Americans were the most likely to borrow, with about one in six putting the bite on relatives and acquaintances, up a third from a year previous.
The rate of borrowing about doubled to 16.6 percent of households in Riverside, California, and 14.9 percent in Atlanta, two metro areas with among the U.S.’s highest inflation rates so far this year.
TREND FORECAST: As Dragflation worsens, the avenues to rob, steal and borrow money will widen. In addition, the grow-up and stay-home with Mom and Dad rather than move out and rent an apartment trend will also continue to grow as more people earn much less than inflation and rental prices keep rising.