Millions more Americans are borrowing money from family and friends than they were a year ago, a sign that household budgets are coming under strain as prices surge.
Some 25.6 million people — more than 10% of all adults — relied on loans from those close to them to meet spending needs, according to the Census Bureau’s latest Household Pulse survey of finances, which covered the period from March 30 to April 11.
That figure was up from 19.1 million a year earlier, when the question was first asked
Millennials were the most likely to borrow from family and friends. Almost 40 million households are headed by a Millennial — almost as many as those led by Boomers — yet they hold just 6.4% of the total national wealth, while Boomers have more than half of it.