Inflation has sapped Americans' financial security, Federal Reserve finds
CBSN
Americans' sense of economic security deteriorated sharply in 2022, with more than a third of adults saying they were worse off financially than a year prior, the Federal Reserve said Monday.
The findings, outlined in an annual survey on people's economic well-being, underlines the severe hardship caused by scorching inflation. Higher prices continued to hurt most households last year, with 73% of adults reporting that they were staying afloat, down from 78% in 2021.
More troubling, 35% of those polled said their financial situation deteriorated last year — the highest level since the Fed started asking about people's well-being in 2014. The survey of more than 11,000 was conducted in October 2022.
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