FED study says many in debt, at risk, and cannot retire

Document of the Day. The results of a survey conducted on behalf of the Board of Governors of the Federal Reserve System have been reported in the news recently.

• Survey of Household Economics and Decisionmaking
• Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households FRB: Press Release (May 27, 2015).
• Report on the Economic Well-Being of U.S. Households in 2014 [Full Report. PDF. 108 pp] Board Of Governors Of The Federal Reserve System (May 2015)

Some of the findings of the report include:

• Only 53 percent of respondents indicate that they could cover a hypothetical emergency expense costing $400 without selling something or borrowing money.
• 23 percent of the adult population has some form of education debt.
• 31 percent of non-retirees have no retirement savings or pension. Among lower-income respondents, 55 percent plan to keep working as long as possible or never plan to retire.

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