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NJ booze & money decision? 1 in 5 drink before big financial moves

Buying a house or paying off student loans are just a few significant financial decisions that can change an American’s life.

So why wouldn’t they crack open a cold one to give them some much needed liquid courage?

A June survey of 3,000 applicants was conducted by CardRates.com.

The data revealed that 20%, or one in five New Jerseyans, admitted to taking a sip before making big financial decisions.

The national average for turning to alcohol for financial assistance is 21%.

The study found that 51% of applicants said alcohol reduces stress levels related to their financial situation; however, 41% regretted making certain financial decisions while drunk.

According to the study, two-thirds of New Jersey residents were aware of the possibility that alcohol could impair, not improve, their cognitive state when making the financial decision.

On the other hand, 18% of respondents reported that alcohol was an effective financial advisor. “These findings highlight a worrying trend in which people are turning to alcohol in an attempt to cope with the stress of important financial decisions,” said Jon McDonald, senior editor. at CardRates.com. “It is important to seek healthier coping mechanisms and professional counseling when faced with such crucial choices to ensure the best possible outcome.”

What are the most alcohol-inducing decisions for Americans?

  • Filing for bankruptcy: 32%
  • Taking out a loan (personal, car, mortgage, etc.): 15%
  • Manage credit card debt: 13%
  • Retirement planning: 11%
  • Divorce: 10%
  • Change job/career: 8%
  • Making a large purchase (home, car, etc.): 6%
  • Investing a large amount of money: 5%
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