Report on the Economic Well-Being of US Households in 2015
*Names in bold indicate Presenter
Overall, the results demonstrate mild improvements in the overall well-being of adults as the economy recovers from the Great Recession. However, a number of adults still indicate that they are experiencing financial challenges, and nearly half are not prepared to handle even a modest $400 emergency expense. This lack of preparedness for modest emergencies exacerbates the financial challenges faced by families when emergencies do occur. For example, among respondents who experienced a major out of pocket medical expense in the past year a sizeable minority report that they currently owe debt from that expense. Additionally, over one-quarter of adults indicate that they skipped some form of medical treatment in the past year due to an inability to pay. When considering the characteristics of individuals who are ill-prepared for such emergencies, racial and ethnic minorities and those from disadvantaged family backgrounds – including those whose parents have less education – are disproportionately likely to lack the resources to handle modest emergency expenses.
Pre-release results. Please do not distribute