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Economic Well-Being of U.S. Households in 2023

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Abstract

Results from the 2023 Survey of Household Economics and Decisionmaking (SHED) indicate that people’s overall financial well-being was nearly unchanged from the previous year but below the high reached in 2021. Despite the moderating pace of inflation, many adults continued to indicate that higher prices were a challenge in managing their finances. The survey, which was fielded in October 2023, showed similar patterns for other measures of financial resiliency as well. Both the share of adults who spent less than their income in the month before the survey and the share who would pay for an unexpected $400 expenses with cash or the equivalent were nearly unchanged from 2022, yet both were down from 2021. Among adults who were not retired, the share who felt that their retirement savings plan was on track rose slightly from 2022, possibly reflecting stock market gains, but remained below the share who felt their retirement savings was on track in 2021.

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  • Kabir Dasgupta & Jeff Larrimore & Alicia Lloro & Zofsha Merchant & Ellen A. Merry & Fatimah Shaalan & Anna Tranfaglia, 2024. "Economic Well-Being of U.S. Households in 2023," Reports and Studies 5133, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:g00002:5133
    DOI: 10.17016/8960
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