Americans' financial health reached its highest level in nearly a decade last year, the Federal Reserve said, spurred by a strong job market and government support payments.
FILE - In this May 4, 2021 file photo is the Federal Reserve in Washington. Americans' financial health reached its highest level in nearly a decade last year, the Federal Reserve said Monday, May 23, 2022 spurred by a strong job market and government support payments. reached its highest level in nearly a decade last year, the Federal Reserve said Monday, spurred by a strong job market and government support payments.
The survey also took place before the huge omicron wave of COVID cases occurred in late 2021, causing some Americans to pull back on travel and other spending.captured by the report helps explain the resilience of consumers in the face of higher prices, as consumer spending, adjusted for inflation, has continued to rise even as inflation is near a 40-year high.
People with children also reported a sharp increase in financial well-being, with three-quarters saying they were doing “at least okay” financially, up eight percentage points from 2020 and four points above 2019, before the pandemic.
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