Americans reported a sharp decline in their financial well-being last fall as high inflation eroded earnings and savings, according to a Federal Reserve survey released on Monday, May 22.
The share of adults who reported being worse off financially in 2022 than a year earlier climbed to 35%, the highest on record going back to 2014.
Overall, 73% of adults said they were either doing OK or living comfortably, down from 78% in 2021 and 75% in 2020.
Inflation was the most common financial burden cited by people in the survey, Fed officials said. See more key findings.