May 24, 2024 - Business

America's glum workers: Financial well-being still below pre-pandemic levels

A line chart shows the percentage of working adults who reported feeling financially well in surveys from 2018 to 2024. The survey data, most recently conducted between Nov. 22, 2023, to Jan. 4, 2024, with 955 employees, shows a general decline from 61% in 2018 to 47% in 2024. Notably, there was a sharp drop to 42% in June 2023.
Data: Bank of America; Chart: Axios Visuals

Fewer than half of working adults say they're feeling financially well, per a new Bank of America report on workplace benefits.

Why it matters: The U.S. economy is in solid shape, but many Americans aren't quite feeling it. This is shaping up to be the dominant theme of 2024.

Zoom in: Still, financial wellness rose 5 points from last year, likely because the stock market has improved, real wages rose and workers are adjusting their lifestyles to higher prices, says Lorna Sabbia, head of workplace benefits at Bank of America.

Stunning stat: 53% percent of men said they felt financially well and 36% of women said so.

  • And while half of white workers said they were doing well, only 39% of Black workers and 35% of Hispanic workers did.

Go deeper: More than half of Americans think the U.S. is in a recession. It's not.

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