Changes in U.S. Family Finances from 2019 to 2022: Evidence from the Survey of Consumer Finances

Abstract

The Federal Reserve Board's triennial Survey of Consumer Finances (SCF) collects information about family income, net worth, balance sheet components, credit use, and other financial outcomes.The Federal Reserve has fielded the modern version of the interview survey of U.S. families every three years since 1989.
Between the 2019 and 2022 surveys, the COVID-19 pandemic severely disrupted society and economic activity. Nonetheless, the SCF reveals broad-based improvements in U.S. family finances over this period, particularly with respect to net worth.