Most US households doing better financially

Associated Press

WASHINGTON

Most American households say their finances have strengthened slightly, but nearly half report that they would struggle to meet $400 in expenses from an unexpected emergency, according to the Federal Reserve’s annual survey on economic well-being.

The latest Fed survey, conducted in October and November, found that 69 percent of those responding reported that they were either “living comfortably” or “doing OK.” That’s up from 65 percent in the 2014 survey and 62 percent in 2013.

However, 31 percent, or approximately 76 million adults, said they were either “struggling to get by” or were “just getting by.” And 46 percent said they would have difficulty covering an emergency bill of $400.

Those in that group said they either could not pay the amount or would have to borrow or sell something to cover the expense. The 46 percent figure is down from 47 percent in the 2014 survey and 50 percent in the 2013 survey.

The survey found that 22 percent of workers were working two or more jobs to make ends meet.