The worst of inflation might be in the rear-view mirror, but the share of Americans who say they're "doing OK financially" has hit a four-year low.
Among all U.S. adults, 72% say they were "doing OK" in 2023 — the lowest percentage since April 2020, according to an annual Federal Reserve survey released Tuesday.
The sentiment has been trending down since 2021, when it was 78%.
Notably, the share of parents with kids who say they are doing OK dropped from 69% in 2022 to 64% in 2023.
A lot of that has to do with inflation, as 35% of the 11,400 survey respondents say rising prices were the "main financial challenge" in 2023, the highest of all self-reported answers, including retirement savings and debt.
Organizations:
Federal Reserve