High inflation made finances worse for 65% of Americans in 2023

Inflation dealt heavy blows to Americans’ livelihoods last year, according to the Federal Reserve. Nearly two-thirds of US adults were worse off because of it, with approximately 1 in 6 unable to pay all their monthly bills. The Federal Reserve’s Economic Well-Being of US Households report for 2023 revealed that 72% of adults surveyed said they were ‘doing okay’ financially, a similar reading to 2022 but below the high of 78% in 2021. Inflation negatively impacted 65% of households, with 19% reporting it was ‘much worse.’ Despite robust job growth and strong pay gains, high inflation has taken its toll on Americans’ wallets and psyche.