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  4. Economic Well-Being of U.S. Households in 2020 - May 2021

Report on the Economic Well-Being of U.S. Households in 2020 - May 2021

Accessible Version - Economic Well-Being of U.S. Households in 2020 - May 2021

Figure 1. At least doing okay financially (by year)
Year Percent
2013 62
2014 65
2015 69
2016 70
2017 74
2018 75
2019 75
April 2020 72
July 2020 77
2020 75

Note: Among all adults. Except where specified, results are from the fourth quarter of each year.

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Figure 2. At least doing okay financially (by year and education)

Percent

Education 2013 2014 2015 2016 2017 2018 2019 2020
Bachelor's degree or more 77 77 80 82 85 87 88 89
Some college/technical or associate degree 62 62 66 68 70 73 75 72
High school degree or GED 55 60 64 64 67 68 65 67
Less than a high school degree 47 42 48 46 56 49 54 45

Note: Among all adults. Key identifies curves in order from top to bottom.

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Figure 3. At least doing okay financially (by year and race/ethnicity)

Percent

Race/ethnicity 2013 2014 2015 2016 2017 2018 2019 2020
Asian               84
White 65 68 71 72 77 78 79 80
Hispanic 56 55 63 64 66 67 66 64
Black 53 55 61 64 65 66 65 64

Note: Among all adults. Only White, Black, and Hispanic race and ethnic categories were reported prior to the 2020 survey. Key identifies curves in order from top to bottom.

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Figure 4. Worse off financially than 12 months ago (by year)
Year Percent
2014 21
2015 19
2016 17
2017 15
2018 13
2019 14
2020 24

Note: Among all adults.

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Figure 5. Self assessment of the local economy as good or excellent (by select characteristics)

Percent

Characteristic 2020 2019
Race/ethnicity
White 46 67
Black 32 46
Hispanic 39 57
Place of residence
Metro area 44 65
Non-metro area 35 53
Neighborhood income
Low or moderate income 31 46
Middle or upper income 48 70
Overall 43 63

Note: Among all adults. Asian adults omitted because data are not available for 2019. Only White, Black, and Hispanic race and ethnic categories were reported prior to the 2020 survey. Key identifies circles in order from left to right.

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Figure 6. Family income sources

Percent

Source 2019 2020
Wages, salaries, or self-employment income 69 67
Non-labor income
Interest, dividends, or rental income 33 32
Social Security (including old age and DI) 26 27
Supplemental Security Income (SSI), TANF, or cash assistance from a welfare program 5 5
Unemployment income 2 14
Any non-labor income 54 61

Note: Among all adults. Respondents could select multiple answers. Key identifies bars in order from top to bottom.

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Figure 7. Decreases in income and spending relative to a year ago (by education)

Percent

Education Income Spending
Less than a high school degree 23 17
High school degree or GED 19 19
Some college/technical or associate degree 21 21
Bachelor's degree or more 17 27

Note: Among all adults. Key identifies bars in order from top to bottom.

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Figure 8. Income varies at least occasionally from month to month (by industry)
Industry Percent with varying income
Leisure and hospitality 48
Construction 44
Natural resources and mining 42
Other services 39
Wholesale and retail trade 38
Transportation and utilities 37
Education and health services 29
Manufacturing 28
Information 25
Professional and business services 25
Financial activities 23
Public administration 23
Armed forces 15

Note: Among adults who report industry of employment.

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Figure 9. Layoffs among prime-age adults (by education and race/ethnicity)
Characteristic Percent laid off
Education
Less than a high school degree 23
High school degree or GED 19
Some college/technical or associate degree 21
Bachelor's degree or more 12
Race/ethnicity
White 14
Black 23
Hispanic 21
Asian 13

Note: Among prime-age adults 25 to 54.

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Figure 10. Expectations about returning to work and current employment for laid-off workers
Expectation and employment status Percent
Not expecting to return, not employed 24
Not expecting to return, employed 23
Expecting to return, not employed 12
Expecting to return, employed 17
Already returned 24

Note: Among people laid off from a job in the prior 12 months.

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Figure 11. Share of laid-off workers doing at least okay financially (by employment status and expectations about returning to work)
Expectation and employment status Percent
Not expecting to return, not employed 44
Not expecting to return, employed 57
Expecting to return, not employed 49
Expecting to return, employed 53
Already returned 72

Note: Among people laid off from a job in the prior 12 months.

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Figure 12. Reasons for not working among prime-age adults (by year)

Percent

Reason 2019 2020
Health limitations 8 9
Childcare or family obligations 8 9
Could not find work 5 9
School or training 2 2
Retired 1 1
Other * 2

Note: Among prime-age adults 25 to 54. Respondents could select multiple answers. Childcare and family obligations were asked as two separate questions but are combined for the purpose of this report. Key identifies bars in order from top to bottom.

* Less than 0.5 percent.

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Figure 13. Reasons for not working among prime-age adults (by gender)

Percent

Reason Men Women
Health limitations 8 10
Childcare or family obligations 5 14
Could not find work 8 9
School or training 2 3
Retired 1 1
Other 2 2

Note: Among prime-age adults 25 to 54. Childcare and family obligations were asked as two separate questions but are combined for the purpose of this report. Respondents could select multiple answers. Key identifies bars in order from top to bottom.

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Figure 14. Amount of work done from home (by education)

Percent

Education All Some None
High school degree or less 10 7 82
Some college/technical or associate degree 19 12 69
Bachelor's degree or more 46 19 35

Note: Among adults who worked for someone else. Key identifies bars in order from left to right.

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Figure 15. Time spent and money earned on gigs compared to 12 months ago

Percent

Characteristic Less About the same More
Time spent 29 44 26
Money earned 30 45 25

Note: Among adults performing any gig activities. Key identifies bars in order from left to right.

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Figure 16. Types of items sold in the gig economy
Item type Percent sold
Previously owned items for own personal use 72
Purchased items to resell for a profit 22
Made or repurposed items 18
Items sold on behalf of a company 6

Note: Among adults selling goods as a gig activity. Respondents could select multiple answers.

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Figure 17. Would cover $400 emergency expense completely using cash or its equivalent (by survey year)
Year Percent
2013 50
2014 53
2015 54
2016 56
2017 59
2018 61
2019 63
April 2020 64
July 2020 70
2020 64

Note: Among all adults. Except where specified, results are from the fourth quarter of each year.

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Figure 18. Other ways individuals would cover a $400 emergency expense
Other ways Percent
Put it on a credit card and pay it off over time 15
Borrow from a friend or family member 9
Sell something 6
Use money from a bank loan or line of credit 2
Use a payday loan, deposit advance, or overdraft 1
Would not be able to pay for the expense right now 12

Note: Among all adults. Respondents could select multiple answers.

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Figure 19. Not able to fully pay current month's bills (by layoff in prior 12 months and race/ethnicity)

Percent

Characteristic Cannot pay some bills Could not pay some bills if faced with a $400 emergency expense Total
Not laid off - White 9 9 18
Not laid off - Black 26 13 39
Not laid off - Hispanic 21 17 38
Laid off - White 23 13 36
Laid off - Black 55 10 64
Laid off - Hispanic 37 18 55

Note: Among all adults. Key identifies bars in order from left to right.

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Figure 20. Forms of skipped medical treatment due to cost during 2020
Forms skipped Percent
Dental care 17
Seeing a doctor or specialist 13
Prescription medicine 8
Follow-up care 8
Mental health care or counseling 7

Note: Among all adults. Respondents could select multiple answers.

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Figure 21. Banking status
Banking status Percent
Unbanked 5
Underbanked 13
Fully banked 81

Note: Among all adults.

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Figure 22. Credit card debt compared to a year prior (by layoff in prior 12 months)

Percent

Status Less debt now About the same More debt now
Not laid off 36 40 24
Laid off 28 33 39
Overall 34 39 26

Note: Among people with at least one credit card. Key identifies bars from left to right.

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Figure 23. Distance to families, friends, and workplaces after moving in 2020

Percent

Entity Closer Same distance Farther away
Extended family 23 47 30
Friends 17 46 36
Usual workplace 26 42 31

Note: Among people who moved in 2020. Distance relative to one's usual workplace is among employed adults. Key identifies bars in order from left to right.

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Figure 24. Homeownership rate (by age)
Age Percent
18–29 29
30–44 59
45–59 74
60+ 85

Note: Among all adults.

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Figure 25. Homeownership rate (by race/ethnicity)
Race/ethnicity Percent
White 71
Black 51
Hispanic 50
Asian 65

Note: Among all adults.

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Figure 26. Share of homeowners with a mortgage who refinanced in the prior year (by family income)
Family income Percent
Less than $25,000 12
$25,000–$49,999 13
$50,000–$99,999 17
$100,000 or more 26

Note: Among homeowners with a mortgage.

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Figure 27. Self-assesment of K-12 online learning

Percent

Statement Agree Neither agree nor disagree Disagree
My child is learning just as much as they would taking classes in person 22 19 59
My child feels connected to students and peers at school 29 23 47
My child has access to teachers 73 18 9
My child has adequate access to the internet and technology to complete coursework online 82 12 6

Note: Among parents whose youngest child enrolled in school is taking at least some classes online. Key identifies bars in order from left to right.

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Figure A. Reduced hours worked or not working due to childcare or school disruptions among mothers (by race/ethncity, marriage status, and family income)

Percent

Characteristic Not working Working less Total
Race/ethinicty - White 9 10 19
Race/ethinicty - Black 16 20 36
Race/ethinicty - Hispanic 13 17 30
Marital status - Single or living with a partner 17 16 33
Marital status - Married 8 13 21
Family income - Less than $50,000 17 15 32
Family income - $50,000 or more 6 13 19
Overall 11 14 25

Note: Among mothers. Parental status is based on whether the respondent lived with their own children under age 18. Asian adults omitted due to sample size limitations. Key identifies bars in order from left to right.

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Figure 28. Self-assessment of higher education

Percent

Statement Agree Neither agree nor disagree Disagree
Online learning is worth the cost 30 31 40
I am learning just as much as I would taking classes in person 34 23 43
I feel connected to students and peers at my school 17 24 59
I have access to my teachers 67 21 12
I have adequate access to the internet and technology to complete coursework online 79 15 5

Note: Among current students who have taken a class online since March. Key identifies bars in order from left to right.

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Figure 29. Share who agree with statements about online classes (by parents’ education)

Percent

Statement Not first-generation college student First-generation college student
Online learning is worth the cost 23 38
I am learning just as much as I would taking classes in person 30 38
I feel connected to students and peers at my school 15 17
I have access to my teachers 64 72
I have adequate access to the internet and technology to complete coursework online 81 79

Note: Among current students who have taken a class online since March. Key identifies bars in order from top to bottom.

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Figure 30. Benefits of education exceed costs (by education and race/ethnicity)

Percent

Education White Black Hispanic
Some college or technical degree, not enrolled 25 27 26
Associate degree 50 44 49
Bachelor's degree or more 69 57 62

Note: Among adults who attended college. Asian adults omitted due to sample size limitations. Key identifies bars in order from top to bottom.

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Figure 31. Self-assessed value of higher education (by degree and institution type)

Percent

Degree and institution type Benefits are greater Costs and benefits are about the same Costs are greater
Associate degree - Public 51 34 14
Associate degree - Private not-for-profit 46 35 19
Associate degree - Private for-profit 37 31 32
Bachelor's degree or more - Public 69 16 14
Bachelor's degree or more - Private not-for-profit 65 17 18
Bachelor's degree or more - Private for-profit 40 21 38

Note: Among adults who completed at least an associate or bachelor's degree. Degree holders are asked specifically about the value of their associate or bachelor's degree, rather than their higher education as a whole. Key identifies bars in order from left to right.

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Figure 32. Changes would now make to earlier education decisions (by institution type)

Percent

Change Public Private not-for-profit Private for-profit
Completed more education 53 38 65
Not attended college or less education 7 5 13
Chosen a different field of study 38 33 39
Attended a different school 22 28 46

Note: Among adults who attended college. Key identifies bars in order from top to bottom.

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Figure 33. Acquired debt for own education, including repaid (by age and education)

Percent

Education 18–29 30–44 45–59 60+
Some college or technical degree 39 41 25 13
Associate degree 42 48 39 17
Bachelor's degree 55 59 44 29
Graduate degree 60 68 55 38

Note: Among adults who attended college. Key idenitifies bars in order from top or bottom.

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Figure 34. Payment status of loans for own education (by parents' education)

Percent

Characteristic Behind Current Paid off
Not first-generation college students 4 61 35
First-generation college students 16 60 23

Note: Among adults ages 18 to 39 who borrowed for their own education. Key identifies bars in order from left to right.

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Figure 35. Payment status of loans for own education among borrowers under age 40 (by race/ethnicity)

Percent

Race/ethnicity Behind Current Paid off
White 6 61 32
Black 23 66 11
Hispanic 20 56 23
Asian 4 44 52

Note: Among adults ages 18 to 39 who borrowed for their own education. Key identifies bars in order from left to right.

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Figure 36. Payment status of loans for own education (by institution type)

Percent

Institution type Behind Current Paid off
Public 10 61 29
Private not-for-profit 5 64 30
Private for-profit 26 54 19

Note: Among adults ages 18 to 39 who borrowed to pay for their own education. Key idenfities bars in order from left to right.

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Figure 37. Reasons for the timing of retirement
Reason Percent
Voluntary
Wanted to do other things 48
Reached normal retirement age 45
Didn't like the work 14
Unanticipated or involuntary
Health problem 29
Care for family members 15
Forced to retire or lack of work 11

Note: Among retirees. Respondents could select multiple answers.

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Figure 38. Financial situation compared to 12 months ago (by retirement status)

Percent

Retirement status Worse off About the same Better off
Retirees 18 61 21
Non-retirees 26 47 26

Note: Among all adults. Key identifies bars in order from top to bottom.

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Figure 39. Forms of retirement savings among non-retirees
Savings type Percent
Defined contribution pension 54
Savings not in retirement accounts 48
IRA 33
Defined benefit pension 21
Other retirement savings 12
Business or real estate 9
None 26

Note: Among non-retirees. Respondents could select multiple answers.

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Figure 40. Amount of self-directed retirement savings (by layoff in prior 12 months)

Percent

Layoff status None Less than $50,000 $50,000+
Laid off 42 30 21
Not laid off 26 28 36

Note: Among non-retirees. Key identifies bars in order from top to bottom.

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Figure 41. Borrowed from or cashed out retirement savings accounts in the prior 12 months (by amount of self-directed retirement savings)
Amount of self-directed retirement savings Percent
None 5
Less than $50,000 15
$50,000+ 9

Note: Among non-retirees.

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Figure 42. Mostly or very comfortable investing self-directed retirement savings (by gender and education)

Percent

Education Men Women
High school degree or less 36 25
Some college/technical or associate degree 43 27
Bachelor's degree or more 60 31

Note: Among non-retirees with self-directed retirement savings. Key identifies bars in order from top to bottom.

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Figure 43. Financial literacy questions
Question topic Correct Don't know Incorrect
Interest 73 17 10
Inflation 61 28 11
Diversification 42 54 4

Note: Among the one-half of respondents who were asked the questions including "Don’t know" as an answer. Key identifies bars in order from left to right.

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Last Update: May 26, 2021