Nearly a quarter of US adults were worse of financially last year

The US Federal Reserve’s report on the economic wellbeing of US households in 2020 found nearly a quarter of US adults said they were worse off financially compared to a year earlier.

A larger share of adults in the United States reported being worse off financially in 2020 than in previous years, the Federal Reserve said on Monday, while those who entered the coronavirus pandemic on less secure financial footing finished the year on even shakier economic ground. The Fed’s report on The Economic Well-Being of U.S. Households in 2020 found that nearly a quarter of US adults reported being worse off financially than the year before – the highest share since the survey began in 2014. And not all groups felt that pain equally as the pandemic exacerbated longer-festering inequalities, particularly by race and education level.