Americans are making proactive decisions about their money.
Nearly one in four New Yorkers admits to turning to alcohol when faced with big financial decisions, according to a national survey.
New York’s 24% is higher than the national average of 21%. New Jersey’s rate was 20%.
“In my position, this is where the deal will be made.” Doug Quinn, owner of Hudson Malone’s Tavern on East 53rd Street‘s past and present clients include singer George Michael, ice hockey legend Wayne Gretzky and actor Benicio Del Toro. Quinn suggested the New York number could be a “hangover” from the stressful pandemic.
“People drink when they do good things. [financial] “Some decisions were good and some were bad!” said a bewildered Kim (who declined to give her last name), a waiter at Bay Street Tavern in Staten Island.
Half of 3,000 New York City respondents said stress relief was their main reason for drinking, and 41% regretted their drinking, the survey conducted in June found. Card RateCredit card advice website.
Arizonans were most likely to binge drink and budget, with 38% admitting to drinking too much, according to the survey, while only 9% of Utahns said they needed alcohol to help them think about financial problems.
The survey also explored what financial decisions most commonly lead to alcohol consumption.
The most common reason was filing for bankruptcy (32%), followed by taking out a loan (15%), paying off credit card debt (13%), planning for retirement (11%), divorce (10%), changing jobs (8%), buying a car or a home (6%), and making a large investment (5%).
While nearly two-thirds of New Yorkers admitted that drinking alcohol impairs their ability to make sound financial decisions, the survey also found that 18% of respondents said they believe drinking actually improves their decision-making ability.
