Report on the Economic Well-Being of U.S. Households in 2014

Although the survey finds that economic hardships are common, many individuals are ill-prepared for a financial disruption and would struggle to cover emergency expenses.

Forty-seven percent of respondents say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money.

Thirty-one percent of respondents report going without some form of medical care in the 12 months before the survey because they could not afford it.

.. Many individuals report that they are not planning for retirement and not saving for retirement. Additionally, even among those who are saving, respondents indicate that they lack confidence in their ability to manage their retirement investments.

Thirty-nine percent of non-retirees have given little or no thought to financial planning for retirement and 31 percent have no retirement savings or pension.

Over one-half of non-retirees with self-directed retirement accounts are either “not confident” or only “slightly confident” in their ability to make the right investment decisions when investing the money in these accounts.

.. Among respondents with a household income under $40,000, 45 percent report that they had gone without some form of medical treatment in the preceding 12 months. This fraction is 31 percent among respondents with incomes between $40,000 and $100,000, and just 16 percent among respondents making over $100,000.

.. The extent to which individuals have planned for retirement appears to be closely related to their income (table 17). Of those with a six-figure income, for instance, 21 percent report that they have given financial planning for retirement “a lot” of thought, roughly double the rate for those making under $40,000.

.. Fifty-five percent of those with a household income less than $40,000 per year (who are not retired and not out of the labor market due to a disability) indicate that they either plan to keep working as long as possible or do not plan to retire.

.. When asked what types of retirement savings or pension they have, 31 percent of non-retired respondents report that they have no retirement savings or pension whatsoever