Almost eight in 10 adults said last fall that they were either “doing okay or living comfortably” when it came to their finances in 2021, according to an annual Fed survey, the highest proportion to say so since the survey began in 2013.
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. , 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., as consumer spending, adjusted for inflation, has continued to rise even as inflation is near a 40-year high. Nearly seven in 10 people said they could pay an unexpected expense of $400 with cash or its equivalent, the highest since 2013. Still, 11% said they would be unable to pay it at all.
The boost for parents likely reflected the reopening of schools, Fed officials said, allowing more parents to work and reduce their child care expenses. The expansion of the child tax credit, included in President Joe Biden's $1.9 trillion financial relief package, was also likely an important factor, Fed officials said.Lower-income parents reported the biggest increases in their financial health.
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