A Federal Reserve survey revealed that from 2019 to 2022, American families experienced significant gains in income and wealth. This period was marked by the profound disruptions caused

by the COVID-19 pandemic and substantial government spending in response. Measures of financial fragility decreased during this time.

However, the income gains were most pronounced among the highest-earning families, and white families experienced the fastest income growth. In contrast, median income declined slightly for both Hispanic and Black families, according to the latest Survey of Consumer Finances conducted by the Fed every three years.

The survey also reported a substantial increase in median net worth for all ethnic and income groups. Nevertheless, the lowest-earning 20% of households faced challenges, experiencing an average 2% decline during the period, while other income groups saw double-digit increases in their net worth. Photo by MarkBuckawicki, Wikimedia commons.