Fed Board, Report: Economic Well-Being of U.S. Households in 2022

“Results from the 2022 Survey of Household Economics and Decision making (SHED) indicate a decline in peoples’ financial well-being over the previous year.1 The survey, which was fielded in October 2022, found that self-reported financial well-being fell sharply and was among the lowest observed since 2016. Similarly, the share of adults who said that they spent less than their income in the month before the survey fell in 2022 from the prior year, while the share who said that their credit card debt increased rose. Among adults who were not retired, the survey also showed a decline in the share who felt that their retirement savings plan was on track, suggesting that individuals had concerns about their future financial security. The declines in financial wellbeing across these measures provide an indication of how families were affected by broader economic conditions in 2022, such as inflation and stock market declines.”