Wealth of American families increased during the pandemic

The Fed released the findings of its Survey of Consumer Finances, which is prepared every three years and compiles data on family income, net worth, and credit usage.

In the report titled "Changes in U.S. Family Finances from 2019 to 2022," it was stated that although the COVID-19 pandemic severely disrupted economic activity between those years, there were broad-based improvements in U.S. family finances during this period, particularly in terms of net worth.

The report noted that the inflation-adjusted median net worth of families increased by 37 percent during the 2019-2022 period.

The report stated that the increase in families' net worth during this period was the largest rise recorded since the survey began in 1989, and it was noted that rising housing and stock prices, which outpaced inflation, supported the growth in wealth.

News Source: 12punto