A fed survey of US households reports:
- A decline in financial well-being from a recent Fed survey of consumers
- Higher prices have negatively affected most households
- One-third of households cited inflation as their main financial challenge
- 73% of respondents say they were doing at least okay financially in 2022 versus 78% in 2021
- Those saying they were worse off rose to 35%, the highest since the question was 1st asked in 2014
- More workers received and asked for a pay increase or promotion in 2022 versus 2021
- 63% of respondents said they would cover a $400 emergency expense with cash. Down from a record high of 68% in 2021
- Responses suggest that there has been some erosion in a household’s financial buffers