“Sixty percent of adults said that changes in the prices they paid compared with the prior year had made their financial situation worse, down from 65% in 2023,” the Fed said in a Wednesday fact sheet about its “Economic Well-Being of U.S. Households in 2024” report.
Still, most Americans said changes in prices had made their finances worse, and most said they had adjusted their spending or taken other actions in response to higher prices, according to the release. The Fed said in the fact sheet that respondents were especially concerned about the prices of food and groceries.
The PYMNTS Intelligence report “How Do Consumers Weigh Convenience Services Against Financial Pressure? It’s About Buying Time” found that consumers’ decision to spend on time-saving convenience services like grocery delivery is increasingly subject to stringent financial calculus amid persistent financial pressures.
The Federal Reserve said in its Wednesday press release that Americans also said their financial well-being is about the same as it has been over the past two years. Seventy-three percent of adults said they were “either doing OK or living comfortably financially,” the release said. That figure is similar to the results seen in recent years but is lower than the high of 78% seen in 2021.
Sixty-three percent of adults said they could use cash or its equivalent to cover a $400 emergency expense. That share was about the same as was reported in recent years, per the release.
The labor market remained solid, the release said. The shares of people who started new jobs and who were laid off or voluntarily left a job in 2024 were similar to the shares reported in 2023. However, the share who said their new job was better than their previous one declined by five percentage points, from 67% in 2023 to 62% in 2024.
The report also found that 21% of adults said they experienced financial fraud in 2024, per the release. Seventeen percent of respondents said they had experienced credit card-related fraud, while 8% reported another type of fraud, according to the fact sheet.
