Americans' financial security threatened by rising inflation, says Fed survey.
The Federal Reserve's annual survey has shown that the high inflation rate in the US has eroded households' sense of financial security, with many reducing their savings, feeling less secure about retirement, and delaying purchases or opting for cheaper products. The percentage of respondents who said they were doing "at least OK financially" in 2022 fell by 5 percentage points to 73%, while the share of those saying they were worse off shot up 15 points to 35%, the highest level since the Fed first started asking that question in 2014. Inflation was cited as the main financial challenge by one-third of households, up more than fourfold from 2016.