Catenaa, Wednesday, May 28, 2025- Nearly 75% of US households say that they are doing financially okay despite inflation and price concerns, a Fed survey showed on Wednesday.
Economic Well-Being of US Households in 2024 report by the Federal Reserve showed that 73% of adults reported either doing okay or living comfortably financially, similar to recent years but lower than a high of 78% in 2021.
The report showed that the share who would cover a $400 emergency expense using cash or its equivalent was also nearly unchanged from recent years at 63%.
Inflation and prices continued to be the top financial concern for most of the US households, as the majority said that changes in the prices they paid over the prior year had made their finances worse, but the share saying so declined from 2023.
In response to higher prices, most people reported taking actions such as adjusting their spending.
While the share of people who were laid off or voluntarily left a job was unchanged from the prior year, the job changes were less likely to lead to better jobs.
In 2024, 62% of people who had a different job than a year earlier said that their new job was better overall, which was down from a peak of 72% in 2022 and 67% in 2023.
“The financial well-being of American households and businesses is essential to our nation’s overall economic vitality,” said Federal Reserve Board Governor Michael S. Barr. “It is critical for the Federal Reserve to understand the challenges households and businesses face as we work to promote a healthy economy and strong financial system.”
Also, the survey showed that 21% of adults experienced financial fraud in 2024, with credit card fraud as the most common type, and 8% of adults who experienced fraud not related to their credit card incurred an estimated $63 billion in total unrecovered losses.
