Inflation still causing pain for Americans — with parents hit the hardest in nearly a decade: Fed survey
https://nypost.com/2024/05/21/business/inflation-still-causing-pain-for-americans-especially-parents-fed-survey/Parents are feeling the worst about their finances in nearly a decade – and experts say stubborn inflation is to blame.
In a possible blow to President Joe Biden’s reelection bid, the percentage of parents with kids under 18 that felt OK financially fell to 64% last year, compared to 69% in 2022, the Federal Reserve reported on Tuesday – the lowest level since data collection began in 2015.
Overall, the share of US households that said their financial health was OK fell to 72% last year, the lowest since 2016, according to the study.
The figure ticked down from 73% in 2022 and 78% when Biden took office in 2021.
The Fed survey of 11,000 adults, conducted in October of 2023, found that 35% said price hikes were the main source of financial worry, up from 33% the previous year.
Families are hit the hardest by inflation. It has gotten worse.
