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  4. Report on the Economic Well-Being of U.S. Households in 2019 - May 2020

Report on the Economic Well-Being of U.S. Households in 2019 - May 2020

Figure 1. At least doing okay financially (by year)
Year Percent
2013 62
2014 65
2015 69
2016 70
2017 74
2018 75
2019 75
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Figure 2. At least doing okay financially (by year and education)

Percent

Education 2013 2014 2015 2016 2017 2018 2019
High school degree or less 53 57 61 60 66 64 63
Some college / technical or associate degree 62 62 66 68 70 73 75
Bachelor's degree or more 77 77 80 82 85 87 88
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Figure 3. At least doing okay financially (by year and race/ethnicity)

Percent

Race/ethnicity 2013 2014 2015 2016 2017 2018 2019
White 65 68 71 72 77 78 79
Black 53 55 61 64 65 66 65
Hispanic 56 55 63 64 66 67 66
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Figure 4. At least doing okay financially (by gender, marital status, and sexual orientation)

Percent

Marital status Gay, lesbian, or bisexual Straight
Married (or living with partner) men 81 83
Married (or living with partner) women 63 82
Single men 59 68
Single women 56 65
Overall 64 77
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Box 1, Figure A. At least doing okay financially (by job loss or work hours reduced since March 2020)
Employment change Percent
No job loss or hours reduction 76
Lost a job or hours reduced 51
Overall 72
Note: April 2020 supplemental survey data.
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Box 2, Figure A. Other forms of debt outstanding (by unpaid legal expenses)

Percent

Debt No unpaid legal expenses Family has unpaid legal expenses
Student loan debt 15 26
Medical debt 16 43
Credit card debt 44 66
Note: Key identifies bars in order from top to bottom. Credit card debt among adults with at least one credit card.
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Figure 5. Family income distribution
Income Percent
$0 6
$1–$4,999 6
$5,000–$14,999 7
$15,000–$24,999 7
$25,000–$39,999 10
$40,000–$49,999 8
$50,000–$74,999 15
$75,000–$99,999 11
$100,000–$149,999 14
$150,000–$199,999 8
$200,000 or higher 7
Note: Includes cash income only.
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Figure 6. Forms of financial support received by young adults from someone outside of the home (by age)

Percent

Support type 18–24 25–29
Money for general expenses 24 12
Help with other bills 21 9
Help with rent or mortgage 15 6
Help with eduction expenses or student loans 16 5
Help with car payment 10 3
Note: Key identifies bars in order from top to bottom. Among all respondents, including those not receiving support. Respondents could select multiple answers.
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Figure 7. Income varies at least occasionally from month to month (by industry)
Industry Percent
Leisure and Hospitality 46
Construction 44
Other services 41
Natural resources and mining 39
Wholesale and retail trade 39
Transportation and utilities 36
Education and health services 29
Information 28
Financial activities 28
Manufacturing 27
Public administration 27
Professional and business services 24
Armed forces 18
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Figure 8. Want to work more than currently working (by education and race/ethnicity)

Percent

Education White Black Hispanic
High school degree or less 22 33 28
Some college/technical or associate degree 17 24 29
Bachelor's degree or more 8 11 16
Note: Key identifies bars in order from top to bottom. Among adults who were working part time or not working.
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Figure 9. Reasons for not working among prime-age adults
Reason Percent
Health limitations 39
Childcare or family obligations 38
Could not find work 23
School or training 8
Retired 5
Other 2
Note: Among adults who were not working. Childcare and family obligations were asked as two separate questions but are combined for the purpose of this report. Respondents could select multiple answers.
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Figure 10. Reasons for not working among ages 25–54 (by gender)

Percent

Reason Men Women
Health limitations 46 36
Childcare or family obligations 23 46
Could not find work 28 20
School or training 8 8
Retired 7 3
Other 2 2
Note: Key identifies bars in order from top to bottom. Among adults who were not working. Childcare and family obligations were asked as two separate questions but are combined for the purpose of this report. Respondents could select multiple answers.
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Figure 11. Usual place of work (by education)

Percent

Location High school degree or less Some college/technical or associate degree Bachelor's degree or more
At home 4 6 9
Remote locations 14 10 5
Note: Key identifies bars in order from top to bottom. Among adults who worked for someone else.
Figure 12. Share of adults performing gig activities
Activity Percent
Sales activities
Sold goods online 9
Sold goods at flea markets 5
Sold goods at consignment shops 3
Sold goods at events you plan 1
Non-sales activities
House cleaning, yard work, or property maintenance 7
Childcare or eldercare services 4
Renting out property, such as your car or house 4
Dog walking, feeding pets, or housesitting 3
Driving or ride sharing, such as with Uber or Lyft 3
Paid tasks online 2
Other activities
Other paid personal tasks 4
Any other paid activities 5
Note: Respondents could select multiple answers.
Figure 13. Main reason for gig activities
Reason Percent
Main source of income 3
Supplement income 15
Sell items no longer needed 7
Social activity or hobby 3
Help family member 1
Note: Among all adults, including those not performing gig activities. Less than 1 percent of adults performed activities mainly to develop job related skills.
Figure 14. Would cover a $400 emergency expense completely using cash or its equivalent (by survey year)
Year Percent
2013 50
2014 53
2015 54
2016 56
2017 59
2018 61
2019 63
Figure 15. Other ways individuals would cover a $400 emergency expense
Approach Percent
Put it on a credit card and pay it off over time 15
Borrow from a friend or family member 10
Sell something 7
Use money from a bank loan or line of credit 3
Use a payday loan, deposit advance, or overdraft 2
Would not be able to pay for the expense right now 12
Note: Respondents could select multiple answers.
Figure 16. Not able to fully pay current month's bills (by education and race/ethnicity)
Characteristic Currently After a $400 emergency expense
High school degree or less
White 19 16
Black 35 24
Hispanic 29 22
Some college/technical or associate degree
White 13 11
Black 32 17
Hispanic 23 16
Bachelor's degree or more
White 6 5
Black 15 8
Hispanic 12 9
Note: Key identifies bars in order from left to right.
Box 3, Figure A. Struggling to get by or just getting by financially (by how paying a $400 emergency expense)

Percent

Payment Struggling to get by or just getting by financially
Pay completely using cash or cash equivalent 8
Could pay, but would borrow or sell something 43
Could not pay 71
Figure 17. Forms of skipped medical treatment due to cost during 2019
Treatment Percent
Dental care 18
Seeing a doctor 14
Prescription medicine 9
Follow-up care 8
Mental health care or counseling 7
Note: Respondents could select multiple answers.
Figure 18. Banking status
Status Percent
Unbanked 6
Underbanked 16
Fully banked 79
Note: Fully banked individuals had a bank or credit union account and had not used an alternative financial service in the past year.
Figure 19. Confidence that a credit card application would be approved (by race/ethnicity)

Percent

Race/ethnicity Very confident Somewhat confident Not confident or don't know
White 70 15 15
Black 40 25 35
Hispanic 46 25 29
Overall 62 18 20
Note: Key identifies bars in order from left to right.
Figure 20. Frequency of carrying a balance on one or more credit cards in the past 12 months
Frequency Percent
Never carried an unpaid balance 48
Once or some of the time 26
Most or all of the time 26
Note: Among adults with at least one credit card.
Figure 21. Homeownership rate (by age)

Percent

Age Own
18–29 26
30–44 58
45–59 75
60+ 85
Figure 22. Homeownership rate (by race/ethnicity)

Percent

Race/ethnicity Own
White 71
Black 48
Hispanic 50
Figure 23. Reasons for Renting
Reason Percent
Mortgage access
Unable to afford down payment 62
Unable to qualify for mortgage 41
Preference
Cheaper to rent 55
Convenience 52
Owning is a bigger financial risk 50
Looking to buy 35
Note: Among renters. Respondents could select multiple answers.
Figure 24. Satisfaction with neighborhood and housing characteristics
Characteristic Percent
Overall quality of own house or apartment 87
Cost of own house or apartment 78
Overall quality of neighborhood 90
Quality of local schools 84
Safety of neighborhood 88
Quality of other neighborhood amenities 79
Note: Satisfaction with the cost of own house or apartment excludes those who did not own and were not paying rent.
Figure 25. Satisfied with local neighborhood and housing (by housing tenure)

Percent

Characteristic Own Rent
Overall quality of own house or apartment 93 74
Cost of own house or apartment 85 62
Overall quality of neighborhood 93 83
Quality of local schools 87 78
Safety of neighborhood 92 79
Quality of other neighborhood amenities 83 71
Note: Key identifies circles in order from left to right. Among adults who owned or rented their home.
Figure 26. Housing tenure (by urban/rural status)

Percent

Tenure Urban Rural
Own home without mortgage 20 31
Own home with mortgage 43 40
Pay rent 29 20
Neither own nor pay rent 8 9
Note: Key identifies bars in order from left to right.
Figure 27. At least doing okay financially (by education)
Education Percent
Less than a high school degree 54
High school degree 65
Some college, no degree 75
Certificate or technical degree 68
Associate degree 78
Bachelor's degree 86
Graduate Degree 90
Figure 28. Benefits of education exceed costs (by education and race/ethnicity)

Percent

Race/ethnicity Some college or technical degree, not enrolled Associate degree Bachelor's degree or more
White 31 50 71
Black 35 43 56
Hispanic 28 42 64
Note: Key identifies bars in order from top to bottom. Among adults who attended college.
Figure 29. Changes would make now to earlier education decisions (by institution type)

Percent

Change Public Private not-for-profit Private for-profit
Completed more education 54 40 66
Not attend college or less education 8 5 12
Chosen a different field of study 38 34 42
Attended a different school 23 29 54
Note: Key identifies bars in order from top to bottom. Among adults who attended college. Respondents could select multiple answers.
Figure 30. Educational attainment (by parents' education)

Percent

Parents' education High school degree or less Some college/technical or associate degree Bachelor's degree or more
Both parents high school degree or less 55 26 18
At least 1 parent with some college, neither with a bachelor's degree 24 41 35
At least 1 parent with a bachelor's degree 7 21 72
Note: Key identifies bars in order from left to right. Among adults ages 22 to 39.
Figure 31. Share completing a bachelor's degree (by parents' education and race/ethnicity)

Percent

Parents' education White Black Hispanic
Both parents high school degree or less 20 12 11
At least 1 parent with some college, neither with a bachelor's degree 40 26 24
At least 1 parent with a bachelor's degree 76 51 54
Note: Key identifies bars in order from top to bottom. Among adults ages 22 to 39.
Figure 32. Acquired debt for own education, including repaid (by age and highest degree completed)

Percent

Education 18–29 30–44 45–59 60+
Some college or technical degree 45 41 27 11
Associate degree 50 55 36 14
Bachelor's degree 62 56 50 29
Graduate degree 67 68 58 37
Note: Key identifies bars in order from top to bottom. Among adults who attended college.
Figure 33. Payment status of loans for own education (by parents' education and current age)
Generation Behind Current Paid off
Not first-generation college students (ages 18–39) 6 64 30
First generation college students (ages 18–39) 16 61 24
Not first-generation college students (all) 5 47 48
First generation college students (all) 12 41 47
Note: Key identifies bars in order from left to right. Among adults who borrowed for their own education.
Figure 34. Payment status of loans for own education among borrowers under age 40 (by race/ethnicity)

Percent

Race/ethnicity Behind Current Paid off
White 7 64 29
Black 26 63 11
Hispanic 19 60 21
Note: Key identifies bars in order from left to right. Among adults ages 18 to 39 who borrowed for their own education.
Figure 35. Reasons for the timing of retirement

Percent

Reason Percent
Voluntary
Wanted to do other things 53
Reached normal retirement age 39
Didn't like the work 15
Unanticipated or involuntary
Health problem 30
Care for family members 15
Forced to retire or lack of work 11
Note: Among retirees. Respondents could select multiple answers.
Box 4, Figure A. Whether reasons for retirement were unanticipated/involuntary or voluntary (by education)

Percent

Education Unanticipated or involuntary Combination or Unknown Voluntary
High school degree or less 28 33 38
Some college or associate degree 21 33 46
Bachelor's degree or more 13 31 56
Overall 22 33 45
Note: Key identifies bars in order from left to right. Among retirees.
Box 4, Figure B. At least okay financially (by education and whether retirement decision was involuntary or voluntary)

Percent

Education Unanticipated or involuntary Combination Voluntary
High school degree or less 57 69 90
Some college or associate degree 64 81 94
Bachelor's degree or more 87 94 97
Note: Among retirees.
Figure 36. Forms of retirement savings among non-retirees

Percent

Savings type Percent
Defined contribution pension 55
Savings not in retirement accounts 47
IRA 33
Defined benefit pension 22
Other retirement savings 13
Business or real estate 10
None 25
Note: Among non-retirees. Respondents could select multiple answers.
Figure 37. Mostly or very comfortable investing self-directed retirement savings (by gender and education)

Percent

Education Men Women
High school degree or less 43 30
Some college/technical or associate degree 45 33
Bachelor's degree or more 60 32
Note: Key identifies bars in order from top to bottom. Among non-retirees with self-directed retirement savings.
Figure 38. Financial literacy questions
Question Correct Don't know Incorrect
Interest
Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow? (Correct answer: More than $102)		 72 16 11
Inflation
Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account? (Correct answer: Less than today)		 61 26 12
Diversification
Buying a single company's stock usually provides a safer return than a stock mutual fund. (Correct answer: False)		 45 51 4
Note: Correct answers provided in parentheses.
Figure 39. Employment events in March 2020
Event Percent
Lost a job or told not to work 13
Reduced hours, but not laid off 6
Took paid leave 5
Applied for unemployment 6
Voluntarily quit or changed jobs 2
Increased hours or worked overtime 7
Started a side job or new work 4
Note: April 2020 supplemental survey data.
Figure 40. Amount of work performed remotely in week ending April 4, 2020 (by education)

Percent

Education None Some All
High school degree or less 67 12 20
Some college or associate degree 60 12 27
Bachelor's degree or more 26 11 63
Note: Key identifies bars in order from top to bottom. April 2020 supplemental survey data. Among employed and self-employed adults. Education categories in the April supplement differ from those used for the full SHED.
Figure 41. Income in March 2020 relative to February (by employment disruptions since March 1)

Percent

Employment disruption Lower About the same Higher
Lost job or hours reduced 70 28 2
No job loss or hours reduction 12 81 6
Overall 23 71 5
Note: Key identifies bars in order from left to right. April 2020 supplemental survey data.
Figure 42. Amount of leave available to use if sick with coronavirus symptoms without a reduction in pay
Amount of leave Percent
Two weeks or more 53
At least one week but less than two weeks 17
Less than one week 8
None 20
Note: April 2020 supplemental survey data. Among employed and self-employed adults.
Figure 43. Would you try to contact a doctor if sick with symptoms of the coronavirus?
Response Percent
Yes 81
No, primarily due to cost 4
No, primarily to avoid taking doctor's time 8
No, primarily for other reasons 6
Note: April 2020 supplemental survey data.
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Last Update: May 21, 2020