A new Federal Reserve survey found that the percentage of Americans who say their economy is worse off than it was a year ago hit a record high.
According to the “Financial Well-being of U.S. Households” reportthe 35 percent of adults who say their living conditions will be worse in 2022 than in the previous year, the highest percentage recorded since the survey was first asked in 2014.
Americans’ financial well-being will “decline significantly” between 2021 and 2022, with 73% of adults saying they’re at least okay financially, down 5 percentage points last year.a release The numbers are among the lowest levels observed since 2016.
Fifty-four percent of adults say their household finances have been “significantly” affected by rising prices in the United States, with black adults, Hispanic adults, parents with children under 18, and people with disabilities saying the same. it was high.
The percentage of adults who said they spent less than they earned in the month before they responded to the survey was also below pre-COVID-19 levels last year.
“The decline in economic well-being from these measures shows how families have been impacted by the broader economic conditions in 2022, including inflation and stock market declines,” the report said. there is
In a statement, Federal Reserve Governor Michelle W. It is important that we continue to deepen our understanding of the challenges,” he added. “
Copyright 2023 Nexstar Media Inc. All rights reserved. You may not publish, broadcast, rewrite or redistribute this material.