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Most adults said that price increases made their financial situation worse. Sixty-five percent of adults said that changes in the prices they paid compared with the prior year had made their financial situation worse, including 19 percent who said price changes had made their financial situation much worse. In contrast, 4 percent of adults said that price changes compared with the prior year had made their financial situation better. Thirty-one percent of adults said overall changes in the prices they paid had little to no effect on their financial situation in the last year. Adults with income under $100,000 were more likely to say that price changes had made their financial situation worse compared with responses from higher-income adults. White and Hispanic adults, adults with a disability, and parents living with their children under age 18 were also more likely to say that changes in prices they paid compared with a year ago had made their financial situation worse. (Economic Well-Being of U.S. Households in 2023 May 2024, Board of Governors of the Federal Reserve System, Page 28, Paragraph 3)
Some groups continued to experience financial stress at higher rates than others. Lower-income adults were more likely to experience material hardships including not paying all bills, not always having enough to eat, and skipping medical care because of cost. Additionally, the gap in financial well-being between parents of children under age 18 and other adults widened, as parents saw a continued decline in well-being in 2023. (Economic Well-Being of U.S. Households in 2023 May 2024, Board of Governors of the Federal Reserve System, Page 2: Executive Summary, Paragraph 4)