Between 2021 and 2022, the financial well-being of Americans experienced a significant decline

In a recent survey conducted by the Federal Reserve Board, a record percentage of Americans revealed that they are facing worse financial conditions compared to the previous year.

According to the “Economic Well-Being of U.S. Households” report, 35 percent of adults reported a decline in their financial situation in 2022, marking the highest share recorded since the survey first included this question in 2014.

The report highlights that the proportion of adults who considered themselves to be at least financially stable decreased by 5 percentage points to 73 percent last year. This figure represents one of the lowest levels observed since 2016.

The survey also revealed that 54 percent of adults stated that their budgets were greatly impacted by the rising prices in the United States. Parents living with children under age 18, Black adults, Hispanic adults, and those with a disability were more likely to say that their budgets had been affected "a lot" by higher prices.

A separate poll from The Associated Press-NORC Center for Public Affairs Research, just 24% of Americans said the nation’s economic conditions are in good shape, down from 30% last month.