Inflation Devastates American Households' Finances According to Federal Reserve Survey

A higher percentage of Americans report worsening financial security and difficulty covering emergency expenses compared to recent years.
Inflation has cut into Americans' budgets, incomes, and savings at the highest rates seen in years..
All major demographic groups -- including racial, ethnic, age, education, and income groups -- reported substantial declines in financial well-being.
Over half of Americans say inflation has severely impacted their budgets and financial situation.
Financial insecurity and hardship have risen sharply while indicators like income, savings, and retirement funding have declined or remained stagnant.