US Released 2024 Economic Well-Being Report [Download PDF]

The U.S. Federal Reserve released its 2024 Economic Well-Being Report this week, highlighting the financial situations of American households. The report found that most people are doing okay financially, but many are still worried about rising prices.

The report is based on the Survey of Household Economics and Decisionmaking (SHED), which was conducted in October 2024. It covers topics like everyday expenses, job changes, gig work, and how people deal with financial stress.

Key Findings:

• 73% of adults said they were either “doing okay” or “living comfortably”, about the same as the last two years, but still lower than the 78% reported in 2021.
• 63% of adults said they could cover a $400 emergency using cash or something similar—again, about the same as recent years.
• Inflation and high prices were the top financial concerns. While most people felt that prices had hurt their finances, fewer people said this compared to 2023.
• In response to inflation, many households adjusted their spending habits.

Job Market Remains Strong, But Fewer People Feel New Jobs Are Better

The job market stayed stable in 2024. Similar numbers of people started new jobs, and the percentage of those who were laid off or quit voluntarily stayed about the same.

However, fewer people felt that their new jobs were better than their old ones. In 2024, 62% of job switchers said their new job was an improvement, down from 72% in 2022 and 67% in 2023. Fewer workers reported better pay, benefits, growth opportunities, or work-life balance in their new positions.

Financial Fraud on the Rise

The survey also highlighted growing concerns about financial fraud:

• 21% of adults said they experienced some form of financial fraud in 2024.
• Credit card fraud was the most common.
• 8% reported non-credit card fraud, with estimated total unrecovered losses reaching $63 billion.

Fed’s Statement

Federal Reserve Governor Michael S. Barr said,

“The financial well-being of American households and businesses is essential to our nation’s overall economic vitality. It is critical for the Federal Reserve to understand the challenges households and businesses face as we work to promote a healthy economy and strong financial system.”

US 2024 Economic Well-Being Report PDF

• Economic Well-Being of U.S. Households in 2024 (PDF)
• Economic Well-Being of U.S. Households in 2024 Fact Sheet (PDF)