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May 19, 2017
Fed household survey shows uneven recovery
The Federal Reserve's fourth annual Survey of Household Economics and Decisionmaking (SHED) report showed a mixed economic recovery as of October 2016, with 23 percent of adult respondents unable to pay all monthly bills in full.
"The financial recovery has been uneven," said NAFCU Chief Economist and Director of Research Curt Long. "While many families who suffered during the recession are now back on their feet, others continue to struggle. Credit unions provide a critical source of financial services and credit to the members that they serve."
The report did show some improving conditions. For example, it found 7 percent of adults were unbanked and 19 percent were underbanked – down from 8 percent and 21 percent, respectively, in 2015. More than half of the unbanked adults had used an alternative financial service during the past year, including a check cashing service, money order, pawn shop loan, title loan, paycheck advance or payday loan.
The survey also showed that 44 percent of adults would be unable to pay a $400 emergency expense without selling something or borrowing money – down from 50 percent in 2013. Twenty-five percent of adults reported skipping medical treatments due to money – down from 32 percent in 2013.
"The financial recovery has been uneven," said NAFCU Chief Economist and Director of Research Curt Long. "While many families who suffered during the recession are now back on their feet, others continue to struggle. Credit unions provide a critical source of financial services and credit to the members that they serve."
The report did show some improving conditions. For example, it found 7 percent of adults were unbanked and 19 percent were underbanked – down from 8 percent and 21 percent, respectively, in 2015. More than half of the unbanked adults had used an alternative financial service during the past year, including a check cashing service, money order, pawn shop loan, title loan, paycheck advance or payday loan.
The survey also showed that 44 percent of adults would be unable to pay a $400 emergency expense without selling something or borrowing money – down from 50 percent in 2013. Twenty-five percent of adults reported skipping medical treatments due to money – down from 32 percent in 2013.
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