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