Federal Reserve’s 2014 Economic Household Well Being Report


KEY FINDINGS

  • Sixty-five percent of respondents report that their families are either “doing okay” or “living comfortably” financially, compared to 62 percent in 2013.
  • Forty-seven percent of respondents say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money.
  • Twenty percent of respondents report that their spending exceeded their income in the 12 months prior to the survey.
  • Sixty percent of respondents indicate they are either somewhat or very confident they would be approved for a mortgage if they were to apply.
  • Among respondents who borrowed for their own education, those who failed to complete an associate degree or bachelor’s degree, those who attended for-profit institutions, and those who were firstgeneration college students are more likely to be behind on their payments than others.

FULL REPORT CLICK HERE

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