“The Federal Reserve Board on Monday [May 22, 2023] issued its Economic Well-Being of U.S. Households in 2022 report, which examines the financial lives of U.S. adults and their families. Overall, the report shows that higher prices have negatively affected most households and overall financial well-being declined over the prior year, though workers continued to benefit from a strong labor market. The report draws from the Board’s tenth annual Survey of Household Economics and Decisionmaking, or SHED, which was conducted in October of last year. The report discusses findings related to financial well-being, income, expenses, employment, banking and credit, housing, retirement and investments, and higher education and student loans. The report, fact sheet, downloadable data, data visualizations, and a video summarizing the survey’s findings are found here. The report indicates that self-reported financial well-being declined in 2022, in part reflecting ongoing concerns about higher prices. In the fourth quarter of 2022, 73 percent of adults reported either doing okay or living comfortably financially, down 5 percentage points from the previous year and among the lowest levels observed since 2016. Consistent with these changes in overall financial well-being, fewer adults reported having money left over after paying their expenses. Fifty-four percent of adults said that their budgets had been affected “a lot” by price increases. Parents living with children under age 18, Black adults, Hispanic adults, and those with a disability were more likely to say that their budgets had been affected “a lot” by higher prices…”
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