The Federal Reserve Board’s Economic Well-Being of U.S. Households in 2024 report paints a picture of relative financial stability—on the surface. But dig deeper and the data reveals a population still grappling with inflation, uneven job quality, and financial vulnerability.
🧾 What the data shows:
Emergency expenses & savings
- 63% of adults said they would cover a $400 emergency expense with cash or its equivalent, which was unchanged from 2022 and 2023.
- 51% said they spent less than their income in the month before the survey, up from 48% in 2023.
- 35% of non-retirees said their retirement savings plan was on track, up slightly from 2023, but below 40% in 2021.
Impact of inflation
- 60% of adults said price changes in the prior year worsened their financial situation, down from 65% in 2023.
- 79% took action to adjust their spending or behavior due to higher prices, which was unchanged from 2023 and down from 83% in 2022.
- Food and grocery prices were cited most often as a top concern.
Employment and job changes
- 14% of adults started a new job in 2024; 9% quit a job. These rates were flat compared to 2023 but lower than 2022.
- 62% of people who changed jobs said their new job was better than their previous one, down from 67% in 2023 and 72% in 2022.
- 41% of workers did some work from home. Among those with bachelor’s degrees, 60% worked from home at least part of the time.
Gig economy
- 20% of adults engaged in gig work in the past month.
- 13% sold goods (mostly used personal items).
- 9% did short-term tasks (e.g., ride-sharing, delivery).
- 31% of gig workers said they would have trouble making ends meet without that income.
- 49% said they wished the pay was more consistent.
Fraud and financial risk
- 21% of adults reported financial fraud or scams.
- 17% were related to credit cards.
- 8% experienced non-credit-card fraud, with $63 billion in total unrecovered losses.
BNPL usage
- 15% of adults used buy now, pay later services, up from 14% in 2023.
- 24% of BNPL users made at least one late payment, up from 18% in 2023.
Demographic variations in financial well-being
- 84% of adults aged 60+ said they were doing okay or living comfortably, compared with 66% of those aged 18–29.
- 87% of college graduates reported financial well-being, versus 47% of those without a high school diploma.
- 82% of Asian adults, 77% of White adults, 65% of Black adults, and 63% of Hispanic adults reported doing okay or living comfortably.
Childcare
- 24% of parents with children under 13 used paid childcare; 46% used unpaid childcare.
- Over 50% of parents using paid childcare spent at least half as much on it as on housing.
Housing and insurance
- Median rent was $1,200, up 10% year-over-year.
- 7% of homeowners did not have homeowners insurance; 43% of those cited affordability as the reason.
Read the report. Read a fact sheet
