The finances of Hispanic consumers, renters and consumers younger than 40 took a nosedive between 2021 and 2022.
Americans’ financial health slid by some measures in 2022 amid rising consumer prices, the end of pandemic-era government benefits, and even a return to riskier alternative financial services like title loans for some people, according to survey data out this week from the Consumer Financial Protection Bureau.
The responses showed that although a tight labor market, pandemic-era relief programs like expanded unemployment benefits and stimulus checks, and lower consumer spending might have helped out households earlier in the COVID-19 crisis, between “February 2021 and February 2022, financial well-being had largely returned to where it was in 2019,” the consumer watchdog agency said in a report on the data Wednesday.
“Many consumers are not financially prepared for a disruption to their main source of income, even as unemployment remains low, according to report findings,” the CFPB said in a statement about its survey data. “Nearly 37% of households report that they could not cover expenses for longer than one month, even with accessing savings, borrowing money, selling assets, or seeking help from family and friends.
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