Report On The Economic Well Being Of U S Households In 2024 May 2025

Leo Migdal

-Dec 3, 2025, 8:43 AM

report on the economic well being of u s households in 2024 may 2025

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Abstract: Results from the 2024 Survey of Household Economics and Decisionmaking (SHED), which was fielded in October, indicate that people’s financial well-being was similar to the previous two years but below the high reached... Concerns about prices persisted, and labor market conditions remained solid. Inflation and prices continued to be the top financial concern. A majority of adults also said that changes in the prices they paid over the prior year had made their finances worse, but the share saying so declined from 2023. In response to higher prices, most people reported taking actions such as adjusting their spending over the prior year. The share who took actions in response to inflation was similar to 2023, but down slightly from 2022.

The labor market remained solid. Similar shares of people both started and voluntarily left jobs in 2024 compared with 2023. However, these measures were below their peaks in 2022. Additionally, a smaller share of people who changed jobs said that their new job was better in 2024 compared with 2023. People also continued to earn money doing gigs, including 13 percent who sold things and 9 percent who did short-term tasks such as giving rides or doing odd jobs. A meaningful share of those performing these types of gig activities said that without them they would have trouble making ends meet, though many said they wished the pay was more consistent.

Emergency savings measures were similar to the previous two years, while retirement preparedness improved slightly. The share of adults who would pay for an unexpected $400 expense with cash or the equivalent was unchanged from 2022 and 2023, and the share who said they had rainy day funds to... Additionally, non-retired adults were slightly more likely to say that their retirement savings plan was on track than in 2023, extending the upward trend from 2022. That said, each of these measures was down from 2021. Survey results also highlighted financial risks facing consumers. Twenty-one percent of adults experienced financial fraud or scams in 2024.

While credit card fraud was the most common type of financial fraud, consumers are not typically required to cover these losses directly. In contrast, the 8 percent of adults who experienced fraud not related to their credit card lost an estimated $63 billion in total. Other financial risks involved being unprepared for unexpected events, including by lacking homeowners insurance. Overall, 7 percent of homeowners went without homeowners insurance, frequently because they could not afford it. File(s): File format is application/pdf https://www.federalreserve.gov/publications/files/2024-report-economic-well-being-us-households-202505.pdf Provider: Board of Governors of the Federal Reserve System (U.S.)

Results from the 2024 Survey of Household Economics and Decisionmaking (SHED), which was fielded in October, indicate that people’s financial well-being was similar to the previous two years but below the high reached in... Inflation and prices continued to be the top financial concern. A majority of adults also said that changes in the prices they paid over the prior year had made their finances worse, but the share saying so declined from 2023. In response to higher prices, most people reported taking actions such as adjusting their spending over the prior year. The share who took actions in response to inflation was similar to 2023, but down slightly from 2022. The labor market remained solid.

Similar shares of people both started and voluntarily left jobs in 2024 compared with 2023. However, these measures were below their peaks in 2022. Additionally, a smaller share of people who changed jobs said that their new job was better in 2024 compared with 2023. People also continued to earn money doing gigs, including 13 percent who sold things and 9 percent who did short-term tasks such as giving rides or doing odd jobs. A meaningful share of those performing these types of gig activities said that without them they would have trouble making ends meet, though many said they wished the pay was more consistent. Emergency savings measures were similar to the previous two years, while retirement preparedness improved slightly.

The share of adults who would pay for an unexpected $400 expense with cash or the equivalent was unchanged from 2022 and 2023, and the share who said they had rainy day funds to... Additionally, non-retired adults were slightly more likely to say that their retirement savings plan was on track than in 2023, extending the upward trend from 2022. That said, each of these measures was down from 2021. The Federal Reserve Board on Wednesday issued its Economic Well-Being of U.S. Households in 2024 report, which examines the financial circumstances of U.S. adults and their families.

Overall, the report shows that financial well-being was similar to the previous two years as concerns about prices persisted and labor market conditions remained solid. The report draws from the Board’s annual Survey of Household Economics and Decisionmaking (SHED), which was fielded in October 2024. It analyzes a wide variety of topics including financial well-being, handling expenses, employment, and gig work. This year’s report finds that 73 percent of adults reported either doing okay or living comfortably financially, similar to recent years but lower than a high of 78 percent in 2021. The share who would cover a $400 emergency expense using cash or its equivalent was also nearly unchanged from recent years at 63 percent. Inflation and prices continued to be the top financial concern.

A majority of adults said that changes in the prices they paid over the prior year had made their finances worse, but the share saying so declined from 2023. In response to higher prices, most people reported taking actions such as adjusting their spending. Responses indicated that the labor market remained solid. Similar shares of people started new jobs in 2024 compared with 2023. Additionally, the shares of people who were laid off or voluntarily left a job were each unchanged from the prior year. Yet, the survey also found that job changes were less likely to lead to better jobs.

In 2024, 62 percent of people who had a different job than a year earlier said that their new job was better overall, which was down from a peak of 72 percent in 2022... When asked about specific job characteristics, job changers were less likely to say that pay and benefits, opportunities for advancement, interest in the work, and work-life balance were better in their new job. (The Center Square) – Despite steadily increasing housing and child care costs, a new report from the Federal Reserve Board paints a mostly positive picture of Americans’ financial stability. The annual Economic Well-Being of U.S. Households report, released Wednesday, surveyed 12,295 adults nationally in 2024 on topics related to economic well-being, including family income, overall expenses and student loans. The survey found that 73% of adults report either “doing okay” or “living comfortably.” This is marginally higher than 2023 and 11% higher than 2013, but down from a high of 78% in 2021.

Parents of children under 18 experienced greater negative changes than other demographics since 2021. Parents’ financial wellbeing remained essentially unchanged since 2023, but the number of those reporting they are financially stable has dropped by 10% since 2021. Americans overall continue to view the economy in a generally negative light but slightly better than in 2023, with 29% rating the national economy “good” or “excellent” in 2024, versus only 22% the year...

Report On The Economic Well Being Of U S Households In 2024 May 2025

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Abstract: Results From The 2024 Survey Of Household Economics And

The Labor Market Remained Solid. Similar Shares Of People Both

Emergency Savings Measures Were Similar To The Previous Two Years,

While Credit Card Fraud Was The Most Common Type Of