Record Number of Americans Say Finances In Worse Shape Than a Year Ago

File - Credit cards as seen July 1, 2021, in Orlando, Fla. A low credit score can hurt your ability to take out a loan, secure a good interest rate, or increase a credit card spending limit. (AP Photo/John Raoux, File)

In a recent survey conducted by the Federal Reserve Board, a record percentage of Americans revealed that they are facing worse financial conditions compared to the previous year. According to the “Economic Well-Being of U.S. Households” report, 35 percent of adults reported a decline in their financial situation in 2022, marking the highest share recorded since the survey first included this question in 2014.

Between 2021 and 2022, the financial well-being of Americans experienced a significant decline. The report highlights that the proportion of adults who considered themselves to be at least financially stable decreased by 5 percentage points to 73 percent last year. This figure represents one of the lowest levels observed since 2016.

The survey also revealed that 54 percent of adults stated that their budgets were greatly impacted by the rising prices in the United States. Notably, this percentage was even higher among Black adults, Hispanic adults, parents living with children under 18, and individuals with disabilities.

Additionally, the percentage of adults who indicated spending less than their income in the month prior to the survey declined to a level below that observed before the onset of the COVID-19 pandemic.

“The declines in financial wellbeing across these measures provide an indication of how families were affected by broader economic conditions in 2022, such as inflation and stock market declines,” the report reads.

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A separate poll from The Associated Press-NORC Center for Public Affairs Research, just 24% of Americans said the nation’s economic conditions are in good shape, down from 30% last month.

Source: (YWN World Headquarters – NYC)


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