Connect with us


Number of Americans ‘Doing OK’ Financially Drops Further

View in Fed report has been trending lower since 2021.




Number of Americans ‘Doing OK’ Financially Drops Further

Among all U.S. adults, 72% say they were “doing OK” in 2023 — the lowest percentage since April 2020, according to a just-released annual report from the Federal Reserve and reported on by CNBC. The sentiment has been trending down since 2021, when it was 78%.

Notably, the share of parents with children who say they are doing OK dropped from 69% in 2022 to 64% in 2023. A lot of that has to do with inflation, as 35% of the 11,400 survey respondents say rising prices were the “main financial challenge” in 2023, the highest of all self-reported answers, including retirement savings and debt, the CNBC report notes.

In addition, inflation has been taking its toll, despite wage growth. the survey suggests that the cumulative effect of high inflation over the past few years has been a strain on household finances.

Inflation did fall after reaching a year-over-year peak of 9.1% in June 2022, but it’s been hovering around 3% for nearly a year, according to the consumer price index, which tracks the price of commonly bought goods and services. Over the past three years, CPI inflation has increased by 18%.

And while consumer spending has been resilient despite rising inflation, cracks are starting to show. In March, spending grew by 0.8% while income only grew by 0.5%, which suggests that Americans are spending beyond their means. This follows a monthly trend of overspending since late 2023, CNBC noted.

Click here for a copy of the Fed report.




When the Kids Have Their Own Careers, Wilkerson Can Help You to Retire

Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

Promoted Headlines

Most Popular