Decline in American’s Economic Well-Being in 2022, According to Fed Report

On May 22, the Federal Reserve released its Economic Well-Being of U.S. Households in 2022. The report, revealed a decline in people’s financial well-being over the past year, to its lowest level since 2016. Out of over 11,000 respondents, 73% reported feeling “at least okay” financially in 2022, marking a 5% decline from 2021, while the percentage of adults who said they were “worse off” financially than the year before rose to 35% — the highest level since 2014. The article notes that inflation, alongside rising interest rates, could be to blame for decreased economic security in survey respondents.

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