US Fed Report on the Economic Well-Being of U.S. Households in 2018

[MichaelB]

The US Fed just published the "Report on the Economic Well-Being of U.S. Households in 2018". (here) This is updated annually and gives a high level view of US household finance. Lots of data to look over, this report is also the source for numerous articles in financial and general media. This makes much better reading, provides historical comparisons and the context needed to draw meaningful conclusions.

The report is broken down into 9 categories (Overall Economic Well-Being, Income, Employment, Dealing with Unexpected Expenses, Banking and Credit, Housing and Neighborhoods, Higher Education, Student Loans and Other Education Debt, Retirement)

The overall conclusion of the report is this

Quote:

The large number of people reporting that they are doing at least okay financially mirrors the results in the prior survey, maintaining the significant gains since the survey began in 2013.

The retirement section summary

Quote:

Many adults are struggling to save for retirement and feel that they are not on track with their savings. While preparedness for retirement increases with age, concerns about inadequate savings are still common for those near retirement age. Current retirees are, on average, managing somewhat better financially than non-retirees, but economic well-being in retirement varies substantially with the reason for retirement.