The Federal Reserve issued on Monday The economic well-being of American families in 2021 The report that examines the financial lives of American adults and their families. The report is based on the Board’s ninth annual Survey of Family Economics and Decision Making, or SHED, which was conducted in October and November of last year before an increase in COVID-19 cases from the Omicron variant and other changes in the economic landscape in recent months. The report, fact sheet, downloadable data, data visualizations, and a video summarizing the survey results can be found here.
The report notes that self-reported financial well-being is at its highest level since the SHED project began in 2013. In the fourth quarter of 2021, 78 percent of adults reported either being well or living financially comfortably. Financial well-being also increased among all racial and ethnic groups measured in the survey, with a particularly large increase among Hispanic adults. Parents were one group that reported significant gains in financial well-being, with three-quarters of them saying they were at least financially well, up 8 percentage points from 2020.
Michelle W said. Bowman.
The proportion of adults who reported that they would cover $400 in emergency expenses using cash or similar cash rose to the highest level since the survey began – 68 percent – and from 50 percent when the survey began in 2013. Eleven percent of adults were unable to pay the expenses In any way.
Additionally, the survey provides insight into workers’ experiences during the pandemic. 15 percent of workers said they were working in a different job than they did 12 months ago. Most of those who changed jobs said the job change was an improvement. Remote work continued to develop in 2021. During the survey week in late 2021, 22 percent of employees worked entirely from home, down from 29 percent in late 2020, but significantly higher than the 7 percent who worked entirely from home. before the epidemic. Most employees who have worked from home prefer to do so, often citing work-life balance and less time on the go. Those working from home indicated that they were more likely to look for a new job if they were asked to return to the office as if their employer had imposed a wage freeze.
In addition, the report explores families’ experiences with banking, credit, income, housing, retirement, student loans, and retirement along with several new topics, such as the use of emerging financial products including cryptocurrencies and “buy now, pay later” services.
The survey included 11,000 adults.
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