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Fed Survey: 1 in 4 Adults Say They’re Worse Off Than Before Pandemic
Nearly one-quarter of U.S. adults said they were worse off financially in the fourth quarter of 2020 compared to the year-ago period, the Federal Reserve Board said Monday. That’s among the topline findings of the Fed’s newly released Economic Well-Being of U.S. Households in 2020 report, based on a survey of more than 11,000 adults.
The survey found that a larger share of adults said they were worse off in 2020 than in previous years of the survey. Despite the increase, though, most believed they were still at least doing “okay” financially overall.
“This new survey gives us valuable details about the financial challenges families have faced during the pandemic,” said Federal Reserve Board Governor Michelle W. Bowman. “Even as the economy has improved, we can certainly see that some are still struggling, especially those who lost their jobs and those with less education, many of whom fell further behind.”
- ◦Economy
