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MNI: Household's Financial Security Still Strained- Fed Survey

(MNI) WASHINGTON

Inflation is still damaging households' confidence in their own finances.

USPolicy NewsHomepageCentral Bank NewsFederal ReserveNorth AmericaStoryRegion

Ongoing price increases continued to pressure U.S. households' sense of financial security at the end of 2023, the Federal Reserve reported Tuesday, with those doing at least okay financially still well below highs in 2021 and parents feelings particularly gloomy.

In an annual survey showing the corrosive effects of inflation on Americans' economic confidence, the Fed said the percentage of respondents who said they were doing "at least okay financially" in 2023 were down a percentage point and still well below the recent high of 78% in 2021. Parents "at least doing okay financially" showed a sharp decline last year dropping 5 percentage points over the year to 64% and down 11 percentage points from 2021. That is the lowest in the data series going back to 2015.

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Ongoing price increases continued to pressure U.S. households' sense of financial security at the end of 2023, the Federal Reserve reported Tuesday, with those doing at least okay financially still well below highs in 2021 and parents feelings particularly gloomy.

In an annual survey showing the corrosive effects of inflation on Americans' economic confidence, the Fed said the percentage of respondents who said they were doing "at least okay financially" in 2023 were down a percentage point and still well below the recent high of 78% in 2021. Parents "at least doing okay financially" showed a sharp decline last year dropping 5 percentage points over the year to 64% and down 11 percentage points from 2021. That is the lowest in the data series going back to 2015.

Keep reading...Show less