US Federal Reserve: Natural disasters hit one in five US adults’ finances in 2023

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Us Household Finances News

Us Federal Reserve

WASHINGTON, May 22 — Almost 20 per cent of adults in the United States were financially impacted by natural disasters last year, the Federal Reserve said Tuesday, marking a...

Blamed for death note against Teresa Kok, MCA president says to leave him out of it, also says his BM not that badThe Fed’s annual report into the economic wellbeing of US households found that 19 per cent of adults reported being financially affected by natural disasters or severe weather events like flooding and wildfires over the last 12 months.

This was up sharply from 13 per cent in 2022, with some of the biggest changes seen in the West of the country, where the per centage of people noting a financial impact from natural disasters almost doubled. “Homeowners with lower income, those living in the South, and homeowners who had already been financially affected by a natural disaster were all less likely to have homeowners insurance,” the report found.

The report also highlighted childcare as a “substantial share of the family budget for parents using paid childcare,” costing typically 50-70 per cent of what the parents spend each month on housing.

Us Federal Reserve

 

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