The Economic Perspective: “How Are We Doing?”

This is Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program asks, how are we doing?  Mike, every year the Federal Reserve surveys a sample of adults seeking information on their economic well-being.  Recently the survey for 2018 was released.  Give us some of the findings.

Mike: Summary Answer

  1. Always a mix of positive and negatives
  2. Major positives: 75% said they were living OK or comfortably; those with a college degree had highest response
  3. Two-thirds said their local economy was doing well: urban responses were more positive than rural responses
  4. 56% said they were doing better than their parents at the same age
  5. Major negatives: 30% had income that varied from month to month, thus making planning difficult
  6. 25% of adults under 30 receive some kind of financial help from family or friends
  7. Those with student loans pay an average of between $200 and $300 monthly toward this debt
  8. 25% of non-retired adults have no retirement savings plans
  9. I’m MW

And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.