Economic Sentiment And Indicators Of Household Financial Wellness

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By Andrew Warren, Wanjira Chege, Kennan Cepa, Ph.D., Necati Celik, Ph.D. In the seventh edition of the annual U.S. Trends Report, we find that key financial health indicators trended in opposite directions, while overall financial health held steady. Day-to-day financial health indicators reflecting households’ ability to manage their immediate financial concerns – such as short-term savings, debt manageability, spending relative to income, and ability to pay bills on time – showed signs... In contrast, forward-looking indicators reflecting households’ future expectations strengthened, including their confidence in long-term goals and ability to plan ahead. American households weathered economic forces that pushed financial health indicators in opposite directions, depending on whether the indicator captured day-to-day financial concerns or future financial expectations.

These findings may seem contradictory, but we find evidence that some households were more acutely affected by the past year’s economic forces than others, depending on their debts and assets held. Indicators of day-to-day financial health decreased, while forward-looking indicators increased. Households with outstanding credit card debt increasingly struggled with day-to-day financial health indicators. ) Despite strong labor markets nationally and in the Eighth Federal Reserve District,Headquartered in St. Louis, the Eighth District covers all of Arkansas, most of Missouri, and parts of Illinois, Indiana, Kentucky, Mississippi and Tennessee.consumer sentiment has remained below levels prior to the COVID-19 pandemic and is at... read full story

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