A total of 73 percent of adults reported either doing okay or living comfortably financially, according to the Federal Reserve Board Economic Well-Being of U.S. Households in 2024 report. In 2021, it was 78 percent.
The report examines the financial circumstances of U.S. adults and their families. It analyzes multiple topics including employment, financial well-being, handling expenses, and gig work, and is based on the annual Survey of Household Economics and Decisionmaking that was conducted in October.
“The financial well-being of American households and businesses is essential to our nation’s overall economic vitality,” Federal Reserve Board Gov. Michael Barr said. “It is critical for the Federal Reserve to understand the challenges households and businesses face as we work to promote a healthy economy and strong financial system.”
Other report findings include:
The number of Americans who would cover a $400 emergency expense using cash or its equivalent was 63 percent.
The majority of participants said their top financial concern was inflation and prices, and that price increases negatively affected their finances.
A total of 21 percent experienced credit card fraud. The 8 percent who experienced another form of financial fraud lost an estimated $63 billion.
Sixty-two percent of job changers said their new job was better overall.