Changes in U.S. Family Finances from 2022 to 2025: Evidence from the Survey of Consumer Finances

Aditya Aladangady, Jesse Bricker, Andrew C. Chang, Sarena Goodman, Alice Henriques Volz, Gina Li, Kevin B. Moore, Sarah Reber and Richard Windle
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Jesse Bricker: https://www.federalreserve.gov/econres/jesse-bricker.htm
Andrew C. Chang: https://www.federalreserve.gov/econres/andrew-c-chang.htm
Sarena Goodman: https://www.federalreserve.gov/econres/sarena-f-goodman.htm
Alice Henriques Volz: https://www.federalreserve.gov/econres/alice-henriques-volz.htm
Gina Li: https://www.federalreserve.gov/econres/gina-li.htm
Kevin B. Moore: https://www.federalreserve.gov/econres/kevin-b-moore.htm

Federal Reserve Bulletin, 2026, 66

Abstract: The Survey of Consumer Finances (SCF) is a triennial cross-sectional survey of U.S. families. The survey collects information on families’ balance sheets, income, net worth, credit use, and other financial outcomes. As context for the survey results, over the three years between the 2022 and 2025 surveys, real gross domestic product grew at an annual rate of around 2½ percent, the civilian unemployment rate rose from 3.7 percent to 4.2 percent, and the annual rate of change in the consumer price index averaged 3.6 percent.3 Against this backdrop of moderate economic expansion and elevated inflation, the 2025 SCF indicates that while most families experienced moderate increases in income and net worth, an increasing subset of families appear to have been experiencing financial stress.

Date: 2026
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DOI: 10.17016/8799.1

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