Why Washingtonians Turn To Alcohol For Financial Decisions

As our friend and animated TV legend says, 'To alcohol, the cause of and solution to all of life's problems.' Now this has been my go-to toast forever, it seems like. But after hearing of a study that came out saying 1 in 4 Washingtonians turn to alcohol when making big financial decisions, I've never seen that toast be so true. 

Survey Elicits The Boozy Truth

A recent study conducted by CardRates.com surveyed 3,000 Washingtonians, revealing that 28% (over 1 in 4) turn to alcohol when faced with major financial decisions. This is significantly higher than the national average of 21%. 

Relax

I can say that I fall into this a bit; now, I don't drink anywhere near as much as I used to. I'll have a beer when I grill or a bourbon when I'm having a cigar and relaxing. But when it comes to making a big financial decision, I tend to sit down with my lady, have a drink, and talk it out. Maybe it's just that we sit, relax, and talk, and alcohol is a great way to relieve stress. In my mind, when I have a drink, I am allowing myself to turn off the stress in my head and just relax. 

Primary Reasons for Drinking: 

• Reducing Stress: 51% cited reducing stress levels associated with their financial situations as the primary reason for drinking. 

• Celebrating Success: 25% admitted to drinking to toast success in recent financial decisions. 

• Aiding Decision-Making: 12.5% reported drinking specifically to help make a financial decision. 

• Avoidance Technique: 9% drank as an avoidance technique before making a decision. 

Common Financial Decisions Leading to Alcohol Consumption: 

• Filing for Bankruptcy: 32% 

• Taking Out a Loan (personal, auto, mortgage, etc.): 15% 

• Dealing with Credit Card Debt: 13% 

• Retirement Planning: 11% 

• Divorce: 10% 

• Changing Jobs/Careers: 8% 

• Making a Large Purchase (home, car, etc.): 6% 

• Investing a Large Sum of Money: 5% 

Regrets and Impairments: 

• Regret: 41% of respondents regretted making some financial decisions while inebriated. 

• Impaired Decision-Making: Nearly two-thirds acknowledged that drinking impairs their ability to make sound financial decisions, similar to how it affects their ability to perform other activities such as driving. 

• Perceived Improvement: Alarmingly, 18% of respondents believed that alcohol improved their decision-making abilities. 

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Expert Insight:

'These findings highlight a troubling trend where people turn to alcohol in an attempt to cope with the stress of significant financial decisions,' said Jon McDonald, Senior Editor at CardRates.com. 'It's essential to seek healthier coping mechanisms and professional advice when facing such pivotal choices to ensure the best possible outcomes.'