The Federal Reserve Board has released its Economic Well-Being of U.S. Households in 2024 report, which assesses the financial conditions of American adults and their families. The findings indicate that financial well-being remained similar to the previous two years amidst ongoing concerns about prices and stable labor market conditions.

The report is based on data from the Board's annual Survey of Household Economics and Decisionmaking (SHED), conducted in October 2024. It covers a range of topics such as financial well-being, expense management, employment, and gig work.

According to this year's findings, 73 percent of adults felt they were either doing okay or living comfortably financially. This figure is consistent with recent years but lower than the peak of 78 percent recorded in 2021. Additionally, 63 percent of adults indicated they could cover a $400 emergency expense using cash or an equivalent method, showing little change from recent years.

Inflation and rising prices remained the primary financial concern for many individuals. Although a majority reported that price changes over the past year had negatively impacted their finances, fewer people expressed this view compared to 2023. In response to higher prices, most individuals adjusted their spending habits.

The survey results suggest that the labor market stayed robust in 2024. The percentage of people starting new jobs was similar to that in 2023, while rates of layoffs and voluntary job departures also remained unchanged. However, job transitions were less likely to result in improved positions; only 62 percent reported better overall job quality compared to previous years' higher percentages.

Federal Reserve Board Governor Michael S. Barr stated: "The financial well-being of American households and businesses is essential to our nation's overall economic vitality." He emphasized the importance for the Federal Reserve to understand these challenges as it strives for a healthy economy and strong financial system.

The report also highlighted consumer vulnerability to financial fraud, with 21 percent experiencing some form in 2024—credit card fraud being most common. Those who encountered non-credit card-related fraud faced an estimated total loss of $63 billion.

Further information including a fact sheet, downloadable data, data visualizations, and a summary video can be accessed through the provided resources.