Report on the Economic Well-Being of U.S. Households in 2018 - May 2019
Accessible Versions
Figure 1. At least doing okay financially (by education and race/ethnicity)
Percent
Make Full ScreenEducation | White | Black | Hispanic |
---|---|---|---|
High school degree or less | 68 | 61 | 58 |
Some college or associate degree | 76 | 61 | 72 |
Bachelor's degree or more | 89 | 80 | 81 |
Box 1 Figure A. Income-related word pairs among those "doing okay" or "living comfortably"
Figure A shows the 12 most-common words paired with "income" among SHED respondents who say they are either "doing okay" or "living comfortably" and are asked to describe why they chose that assessment of economic well-being. The 12 words are as follows: one, two, household, fixed, exceeds, steady, monthly, retirement, sufficient, enough, disposable, and adequate.
Figure 2. Family income distribution
Percent
Make Full ScreenIncome | Percent |
---|---|
$0 | 5 |
$1–$4,999 | 6 |
$5,000–$14,999 | 7 |
$15,000–$24,999 | 8 |
$25,000–$39,999 | 11 |
$40,000–$49,999 | 8 |
$50,000–$74,999 | 15 |
$75,000–$99,999 | 11 |
$100,000–$149,999 | 13 |
$150,000 or higher | 14 |
Figure 3. Forms of financial support received from someone outside of the home
Percent
Make Full ScreenSupport form | Percent |
---|---|
Money for general expenses | 59 |
Help with other bills | 45 |
Help paying rent or mortgage | 35 |
Help with education expenses or student loans | 23 |
Help with car payment | 20 |
Note: Among adults receiving any support from outside the home.
Figure 4. Willingness to take financial risks (by income volatility)
Percent
Make Full ScreenWillingness to take risk | Stable income | Varying income |
---|---|---|
Not at all | 14 | 13 |
1 | 5 | 5 |
2 | 8 | 7 |
3 | 12 | 11 |
4 | 10 | 10 |
5 | 21 | 23 |
6 | 11 | 12 |
7 | 11 | 10 |
8 | 4 | 5 |
9 | 1 | 1 |
Very willing | 2 | 2 |
Figure 5. Want to work more than currently (by education and race/ethnicity)
Percent
Make Full ScreenEducation | White | Black |
---|---|---|
High school degree or less | 31 | 50 |
Some college or associate degree | 29 | 47 |
Bachelor's degree or more | 19 | 30 |
Figure 6. Reasons for not working among ages 25–54
Percent
Make Full ScreenResponse | Percent |
---|---|
Health limitations | 35 |
Could not find work | 23 |
Other family obligations | 23 |
Child care | 18 |
School or training | 8 |
Retired | 6 |
Other | 2 |
Note: Respondents can select multiple answers.
Figure 7. Received a raise (by education and race/ethnicity)
Percent
Make Full ScreenEducation | White | Black | Hispanic |
---|---|---|---|
High school degree or less | 45 | 40 | 49 |
Some college or associate degree | 54 | 44 | 42 |
Bachelor's degree or more | 53 | 51 | 44 |
Note: Among workers in the past month.
Figure 8. Employees "just getting by" or "finding it difficult to get by" (by work schedule)
Percent
Make Full ScreenResponse | Percent |
---|---|
Varies by employer's need | 33 |
Varies by my own needs | 18 |
Normally work same hours | 20 |
Figure 9. Main reason for gig work
Percent
Make Full ScreenResponse | Percent |
---|---|
Supplement income from regular work | 37 |
Sell items no longer needed | 23 |
Primary source of income | 18 |
Help family members | 4 |
Hobby | 3 |
Acquire or maintain skills | 1 |
Other | 5 |
Note: Among gig workers in the past month.
Box 2 Figure A. Gig work and some difficulty handling an unexpected expense (by reasons for doing gig work)
Percent
Make Full ScreenCharacteristic | Percent |
---|---|
Primary source of income | 58 |
Supplement income | 44 |
Sell items no longer needed | 36 |
Note: Respondents can select multiple reasons for gig work. "Some difficulty" is defined as borrow, sell something, or cannot pay.
Box 2 Figure B. Gig work and use of alternative financial services (by reasons for doing gig work)
Percent
Make Full ScreenCharacteristic | Percent |
---|---|
Primary source of income | 33 |
Supplement income | 26 |
Sell items no longer needed | 19 |
Note: Respondents can select multiple reasons for gig work.
Figure 10. Would cover a $400 emergency expense using cash or its equivalent (by survey year)
Figure 11. Other ways individuals would cover a $400 emergency expense
Percent
Make Full ScreenResponse | Percent |
---|---|
Would not be able to pay for the expense right now | 12 |
Use a payday loan, deposit advance, or overdraft | 2 |
Use money from a bank loan or line of credit | 3 |
Sell something | 6 |
Borrow from a friend or family member | 10 |
Put it on a credit card and pay it off over time | 16 |
Note: Respondents can select multiple answers.
Figure 12. Not able to fully pay current month's bills (by education and race/ethnicity)
Percent
Make Full ScreenRace/ethnicity | Currently | After a $400 emergency expense |
---|---|---|
Bachelor's degree or more | ||
White | 6 | 4 |
Black | 22 | 6 |
Hispanic | 13 | 7 |
Some college or associate degree | ||
White | 15 | 10 |
Black | 29 | 17 |
Hispanic | 23 | 18 |
High school degree or less | ||
White | 20 | 16 |
Black | 34 | 24 |
Hispanic | 31 | 17 |
Figure 13. Forms of skipped medical treatment due to cost
Percent
Make Full ScreenResponse | Percent |
---|---|
Dental care | 17 |
Seeing a doctor | 12 |
Prescription medicine | 10 |
Seeing a specialist | 8 |
Follow-up care | 7 |
Mental health care or counseling | 6 |
Figure 14. Banking status
Percent
Make Full ScreenBanking status | Percent |
---|---|
Unbanked | 6 |
Underbanked | 16 |
Fully banked | 77 |
Note: Fully banked individuals have a bank or credit union account and have not used an alternative financial service in the past year.
Figure 15. Frequency of carrying a balance on one or more credit cards in the past 12 months
Percent
Make Full ScreenCredit card payment behavior | Percent |
---|---|
Never carried an unpaid balance | 47 |
Once or some of the time | 26 |
Most or all of the time | 27 |
Note: Among adults with at least one credit card.
Box 3 Figure A. Had problem accessing funds in past 12 months (by family income and income volatility)
Percent
Make Full ScreenIncome | Roughly the same | Occasionally varies | Varies often |
---|---|---|---|
Less than $40,000 | 13 | 16 | 21 |
$40,000–$100,000 | 12 | 19 | 22 |
Greater than $100,000 | 10 | 12 | 15 |
Note: Among adults with a bank account.
Figure 16. Difficulty getting landlord to fix problems with rental unit (by race/ethnicity)
Percent
Make Full ScreenRace/ethnicity | None | A little | Moderate | Substantial |
---|---|---|---|---|
White | 52 | 20 | 15 | 13 |
Black | 35 | 27 | 15 | 22 |
Hispanic | 36 | 20 | 21 | 23 |
Overall | 45 | 21 | 16 | 17 |
Note: Among all renters who contacted their landlord about a repair.
Figure 17. Satisfied with local neighborhood and housing characteristics
Percent
Make Full ScreenResponse | Percent |
---|---|
Cost of own house or apartment | 63 |
Overall quality of own house or apartment | 73 |
Quality of local schools | 57 |
Quality of other neighborhood amenities | 59 |
Safety of neighborhood | 74 |
Overall quality of neighborhood | 76 |
Note: Satisfaction with the cost of own house or apartment excludes those who do not own and are not paying rent.
Figure 18. Satisfied with local neighborhood and housing characteristics (by neighborhood income)
Percent
Make Full ScreenCategory | Low or moderate income | Middle or upper income |
---|---|---|
Cost of own house or apartment | 57 | 65 |
Overall quality of own house or apartment | 61 | 77 |
Quality of local schools | 44 | 62 |
Quality of other neighborhood amenities | 44 | 65 |
Safety of neighborhood | 58 | 79 |
Overall quality of neighborhood | 61 | 81 |
Note: Satisfaction with the cost of own house or apartment excludes those who do not own and are not paying rent. See table 1 for definitions of low- or moderate-income neighborhoods.
Figure 19. Satisfied with local neighborhood and housing characteristics (by race/ethnicity)
Percent
Make Full ScreenCategory | White | Black | Hispanic |
---|---|---|---|
Overall quality of neighborhood | 80 | 65 | 67 |
Safety of neighborhood | 79 | 62 | 63 |
Quality of other neighborhood amenities | 63 | 51 | 53 |
Quality of local schools | 60 | 50 | 53 |
Overall quality of own house or apartment | 77 | 65 | 63 |
Cost of own house or apartment | 66 | 58 | 56 |
Note: Satisfaction with the cost of own house or apartment excludes those who do not own and are not paying rent.
Figure 20. Neighborhood amenities that are moderately or very important (by urban/rural residence)
Percent
Make Full ScreenCategory | Rural | Urban |
---|---|---|
Grocery store | 82 | 88 |
Shops or restaurants | 65 | 77 |
Bank or credit union | 63 | 65 |
Place of worship | 54 | 47 |
Library | 42 | 49 |
Park or playground | 33 | 44 |
Public transportation | 24 | 39 |
Box 4 Figure A. Satisfaction with housing and economic well-being among low-relative income adults (by type of city)
Percent
Make Full ScreenCategory | Expensive | Inexpensive |
---|---|---|
Overall quality of neighborhood | 68 | 66 |
Overall quality of own house or apartment | 64 | 63 |
Doing okay financially | 60 | 59 |
Box 4 Figure B. Homeownership and satisfaction with cost of housing among low-relative income adults (by type of city)
Percent
Make Full ScreenCategory | More expensive | Less Expensive |
---|---|---|
Cost of own house or apartment | 54 | 55 |
Own a home | 39 | 44 |
Note: Satisfaction with the cost of own house or apartment excludes those who do not own and are not paying rent.
Figure 21. At least doing okay financially (by education)
Percent
Make Full ScreenEducation | Percent |
---|---|
Graduate degree | 90 |
Bachelor's degree | 85 |
Associate degree | 77 |
Some college, no associate degree | 72 |
High school degree or less | 64 |
Figure 22. Self-assessed value of higher education (by degree and institution type)
Percent
Make Full ScreenDegree and institution type | Benefits higher than costs | Same costs and benefits | Costs higer than benefits |
---|---|---|---|
Bachelor's degree or more, private for-profit | 49 | 21 | 29 |
Bachelor's degree or more, private not-for-profit | 66 | 17 | 17 |
Bachelor's degree or more, public | 68 | 16 | 15 |
Associate degree, private for-profit | 35 | 32 | 33 |
Associate degree, private not-for-profit | 53 | 29 | 16 |
Associate degree, public | 52 | 33 | 14 |
Note: Among adults who completed at least an associate or bachelor's degree. Degree holders are asked specifically about the value of their associate or bachelor's degree, rather than their higher education as a whole.
Figure 23. Benefits of education outweigh costs (by field of study)
Percent
Make Full ScreenResponse | Percent |
---|---|
Engineering | 81 |
Computer/information sciences | 77 |
Business/management | 71 |
Education | 69 |
Physical sciences/math | 68 |
Life sciences | 64 |
Law | 61 |
Social/behavioral sciences | 60 |
Health | 59 |
Vocational/technical training | 55 |
Humanities | 55 |
Note: Among adults who completed at least a bachelor's degree.
Figure 24. Lifetime financial benefits of bachelor's degree exceed the costs (by age)
Percent
Make Full ScreenAge | Percent |
---|---|
60+ | 80 |
50–59 | 76 |
40–49 | 64 |
30–39 | 59 |
18–29 | 52 |
Note: Among adults who completed at least a bachelor's degree.
Figure 25. Changes would make now to earlier education decisions (by institution type)
Percent
Make Full ScreenInstitution | Public | Private not-for-profit | Private for-profit |
---|---|---|---|
Completed more education | 52 | 38 | 64 |
Not attend college or less education | 8 | 6 | 13 |
Chosen a different field of study | 38 | 32 | 43 |
Attended a different school | 23 | 26 | 49 |
Note: Among adults who completed at least some college. Respondents can select multiple answers.
Figure 26. Educational attainment of young adults ages 22–29 (by parents' education)
Percent
Make Full ScreenCharacteristic | High school degree or less | Some college or associate degree | Bachelor's degree or more |
---|---|---|---|
Both parents high school degree or less | 59 | 24 | 17 |
At least 1 parent with some college, neither with a bachelor's degree | 22 | 49 | 29 |
At least 1 parent with a bachelor's degree | 8 | 21 | 71 |
Note: Among adults ages 22 to 29.
Figure 27. Institutions attended by young adults ages 22-29 (by parents' education)
Percent
Make Full ScreenParents' education | Public | Private not-for-profit | Private for-profit |
---|---|---|---|
At least 1 parent with a bachelor's degree | 64 | 34 | 2 |
At least 1 parent with some college, neither with a bachelor's degree | 71 | 18 | 11 |
Both parents high school degree or less | 71 | 15 | 13 |
Note: Among adults who completed at least some college.
Figure 28. Institutions attended by young adults ages 22–29 (by race/ethnicity)
Percent
Make Full ScreenRace/ethnicity | Public | Private not-for-profit | Private for-profit |
---|---|---|---|
White | 65 | 30 | 4 |
Black | 65 | 13 | 22 |
Hispanic | 74 | 16 | 10 |
Note: Among adults who completed at least some college.
Figure 29. Acquired debt for own education, including repaid (by age and highest degree completed)
Percent
Make Full ScreenHighest degree completed | 18–29 | 30–44 | 45–59 | 60+ |
---|---|---|---|---|
Some college or certificate | 43 | 40 | 25 | 9 |
Associate degree | 48 | 54 | 41 | 17 |
Bachelor's degree | 60 | 59 | 48 | 29 |
Graduate degree | 73 | 68 | 56 | 36 |
Note: Among adults who attended college.
Figure 30. Payment status of loans for own education (by parents' education and current age)
Percent
Make Full ScreenCharacteristic | Behind | Current | Paid off |
---|---|---|---|
First-generation college students (all) | 12 | 38 | 49 |
Not first-generation college students (all) | 6 | 48 | 45 |
First-generation college students (ages 18–29) | 16 | 69 | 14 |
Not first-generation college students (ages 18–29) | 7 | 74 | 19 |
Note: Among adults who borrowed for their own education.
Figure 31. Payment status of loans for own education (by current age and race/ethnicity)
Percent
Make Full ScreenCharacteristic | Behind | Current | Paid off |
---|---|---|---|
Hispanic (all) | 16 | 50 | 33 |
Black (all) | 21 | 47 | 31 |
White (all) | 6 | 40 | 54 |
Hispanic (ages 18–29) | 15 | 69 | 16 |
Black (ages 18–29) | 28 | 61 | 8 |
White (ages 18–29) | 7 | 74 | 18 |
Note: Among adults who borrowed for their own education.
Figure 32. Forms of retirement savings among non-retirees
Percent
Make Full ScreenType | Percent |
---|---|
Defined contribution pension | 54 |
Savings not in retirement accounts | 42 |
IRA | 33 |
Defined benefit pension | 22 |
Real estate | 14 |
Business | 7 |
Other | 1 |
None | 26 |
Note: Among non-retirees. Respondents can select multiple answers.
Figure 33. Lack of retirement savings and self-assessed preparedness (by age)
Percent
Make Full ScreenCategory | 18–29 | 30–44 | 45–59 | 60+ |
---|---|---|---|---|
No retirement savings | 42 | 26 | 17 | 13 |
Perceive retirement savings as being on track | 26 | 35 | 42 | 45 |
Note: Among non-retirees.
Figure 34. Lack of retirement savings and self-assessed preparedness (by race/ethnicity)
Percent
Make Full ScreenCategory | White | Black | Hispanic |
---|---|---|---|
No retirement savings | 21 | 36 | 39 |
Perceive retirement savings as being on track | 42 | 25 | 23 |
Note: Among non-retirees.
Figure 35. Mostly or very comfortable investing self-directed retirement savings (by gender and education)
Percent
Make Full ScreenEducation | Men | Women |
---|---|---|
High school degree or less | 38 | 28 |
Some college or associate degree | 45 | 30 |
Bachelor's degree or more | 58 | 32 |
Note: Among non-retirees with a self-directed retirement account.
Figure 36. Reasons for early retirement (by race/ethnicity)
Percent
Make Full ScreenReasons for early retirement | White | Black | Hispanic |
---|---|---|---|
Wanted to do other things | 54 | 46 | 53 |
Wanted to spend more time with family | 50 | 44 | 61 |
Poor health | 35 | 56 | 55 |
Family responsiblities | 31 | 33 | 47 |
Didn't like the work | 27 | 30 | 31 |
Forced to retire or lack of available work | 21 | 31 | 35 |
Note: Among retirees who retired before age 65.