Federal Reserve report says inequality remains
Almost three quarters (74%) of US adults said they are doing at least OK financially in 2017, a rise of more than 10 percentage points compared to 2013.
A survey from the Federal Reserve shows that economic wellbeing of US households has seen general improvement over the past 5 years but there are groups in society who are struggling.
Race, ethnicity, education groups, and locations are all factors affecting the ability of some individuals to repay college loans, save for small emergencies, or build up retirement funds.
Just 7% said they are finding it difficult to get by financially, around half the level of 2013.
"This year's survey finds that rising levels of employment are translating into improved financial conditions for many but not all Americans, with one third now reporting they are living comfortably and another 40% reporting they are doing ok financially," said Federal Reserve Board Governor Lael Brainard.
However, 4 in 10 would be unable to find $400 for an emergency or would have to borrow or buy something to raise that amount.
Employment is strong but not ideal for many
The report highlights the strength of the US labor market with most respondents feeling satisfied with their wages and optimistic about their future career prospects.
But 1 in 6 says they have irregular work schedules that are not their choosing and 1 in 10 only know their schedule a week in advance.
Three in 10 adults have family income that varies from month to month, and 1 in 10 adults experienced hardship because of monthly changes in income.
