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During 2021, a record percentage of Americans said they had a solid financial situation, even despite inflation that was beginning to appear as a growing obstacle in the pockets of consumers.
According to a survey of domestic economy and decision-making by the Federal Reserve (Fed), the 78% of US adults said they were doing “well” financially or “living comfortably” in the last three months of 2022.
The survey of 2021 marked the highest percentage of Americans reporting financial security since the Federal Reserve began conducting the survey in 2013.
The number of Americans doing well financially increased from 75% at 2020, where it had been stuck since 2018.
The number of adults who were worse off than they were 12 months was reduced from 24 % in 2020 at 21 % last year, but remained well above the 14% who said that his financial situation deteriorated in 2020.
The number of adults who said they could pay all of their monthly bills in full also increased from 86% at 2020 at 86% in 2021.
“The results provide valuable information about the financial conditions of Americans in the late fall of 2021”, Fed Governor Michelle W. Bowman said in a statement.
She noted that this important perspective helps the Federal Reserve better understand the economic challenges that existed during that phase of the pandemic recovery.
Despite the fact that annual inflation reached four-decade highs and consumer confidence fell steadily over the past year, household financial health generally improved after the onset of the coronavirus pandemic in 2019.
Financial well-being also increased across racial lines last year, with an increase noted ble in financial stability among Hispanic adults. The number of parents who said they were financially stable also increased 8% from 2020.
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