More Americans Are Struggling Financially, as Inflation Takes a Toll
“Americans have jobs. They’re getting raises. And none of it is enough to keep up with the rising cost of living. The share of U.S. adults who said they were doing ‘at least OK financially’ fell sharply last year, to 73 percent from 78 percent in 2021, according to the latest Federal Reserve survey of Americans’ financial well-being, released on Monday. Some 35 percent of Americans said they were worse off than a year earlier, up from 20 percent in 2021 and the highest share in the nine years the question has been asked. Just 19 percent of respondents said they were better off than a year earlier. The erosion in financial health was broad-based, cutting across racial and ethnic lines, educational categories and income groups.”