The Federal Reserve’s new Report on the Economic Well-Being of U.S. Households reveals that a significant number of Americans are still struggling financially after the Great Recession. The report, which was based on responses to a survey of over 4,100 people taken in 2013, shows that while a majority of U.S. households said they were “living comfortably” or “doing okay,” almost 40 percent reported that their families were “just getting by” or struggling financially.
The report also found that 34 percent of Americans were worse off financially compared to five years ago. In addition—and more alarmingly—31 percent of non-retired Americans reported having no retirement savings or pension, including 19 percent of respondents in the 55-64 age bracket.
The Federal Reserve’s new report joins a growing number of studies about the lingering effects of the Great Recession on U.S. households and the growing gap between the rich and poor.