The share of adults in America who reported doing at least ‘okay’ financially fell sharply in 2022 and was among the lowest observed since 2016. At the end of 2022, 39 percent of adults stated they were ‘doing okay,’ and 34 percent said they were ‘living comfortably,’ meaning that 73 percent are doing okay or better and only one-third of Americans are ‘living comfortably.’ The ‘doing okay’ financially figure was 78 percent in October 2021 and 75 percent in October 2020. The last time the number was 70 percent or less was October 2016 (70 percent). 

Total consumer debt increased by seven percent from 2021-2022, rising from $15.31 trillion to $16.38 trillion. Auto loans, credit cards, mortgages and personal loans saw the largest increases on a percentage basis. Personal loans increased by 18 percent, and credit card balances grew by 16 percent. Consumer demand for auto loans was abundant, with cars selling for more than their manufacturer’s sticker price. Average car sale prices rose by 9.4 percent from September 2021-2022.