Fed: 35% of Americans felt worse off financially in 2022

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More Americans felt they were worse off financially in 2022 compared to the previous year, spiking from 20% in 2021 to 35% last year.

More Americans felt they were worse off financially in 2022 compared to the previous year, spiking from 20% in 2021 to 35% last year, according toThe percentage is the highest since the Federal Reserve began asking the question in 2014, with a previous high of 24% in 2020, the first year of the COVID-19 pandemic that sawMore Americans felt they were worse off financially in 2022 compared to the previous year, spiking from 20% in 2021 to 35% last year, according to The report said many...

While 35% of adults felt they were worse off financially, 73% said they were either “doing okay” or “living comfortably,” according to the survey of over 11,000 adults in October, but that was still a decline of five percentage points from 2021. The remaining 27% said they were “just getting by” or finding it difficult to get by.”a release

“Prices [are] going up but our paychecks don’t. [It is] hard to afford what we need and our kids need,” another respondent said. While 33% said their family’s monthly income increased in 2022, 40% said their monthly spending increased and 23% said their spending increased while their income did not. Roughly a third of adults said their family income was under $25,000 a year, while another third said their family income was over $100,000.

There was a 10 percentage point drop in people’s rating of their local economy, with 38% describing it as “good” or “excellent” compared to 48% in 2021. In 2019, the last year before the pandemic, 63% said their local economy was “good” or excellent.”

 

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