Americans with less education see worsening financial well-being: Fed survey

Source: Xinhua| 2017-05-20 05:50:53|Editor: Mu Xuequan
Video PlayerClose

WASHINGTON, May 19 (Xinhua) -- Overall financial well-being of Americans continued to improve in 2016, while those with less education were worsening, according to a survey released by the Federal Reserve on Friday.

About 70 percent of the respondents said they were either "living comfortably" or "doing okay" in 2016, compared to 69 percent in 2015 and 62 percent in 2013 when the survey was first conducted, said the Fed.

"The improvements in well-being as reported by the survey respondents are concentrated among adults with at least some college education," said the central bank.

Forty percent of adults with a high school degree or less reported that they were struggling financially, compared to 17 percent of those with at least a bachelor's degree, the survey found.

It also found that 44 percent of adults said they either could not cover an emergency expense costing 400 U.S. dollars, or would cover it by selling something or borrowing money. However, the share was down 6 percentage points since 2013.

The survey also showed that 28 percent of American adults have no savings for retirement.

More than 6000 respondents completed the survey, said the Fed.