TYPICAL HOUSEHOLD BUDGET PERCENTAGES FULL

The Urban Institute’s estimates suggest that 27 percent of New Hampshire households do not have at least $2,000 in emergency savings. Manchester is the only municipality with a population large enough to be mapped independently and have a separately-calculated estimate. In the substate geographic analysis, most communities in New Hampshire were combined with other surrounding areas to reach the 100,000 person threshold used in the Urban Institute’s statistical estimates for substate areas. While the $400 measurement was focused on paying for an unexpected expense, the Urban Institute’s calculations are designed to identify the actual amount of savings available to households. Using a mix of surveys and census data from 20, researchers at the institute produced modeled estimates of the percent of households with savings of $2,000 or more, an amount considered adequate to pay for an emergency expense by the researchers. This figure is an increase from last year and a return to pre-pandemic levels after a decline in 20, suggesting that the effects of pandemic-related aid may have worn off, and inflation-related cost increases are impacting individual and family budgets throughout the country.Īlthough the SHED survey does not provide comparable data at the state level, the Urban Institute has separately examined financial well-being by state and within substate regions across the country. adults surveyed in October 2022, slightly more than one in three (37 percent) reported they would not pay for an unexpected $400 expense using cash or equivalent means. Federal Reserve’s Survey of Household Economics and Decision-making (SHED) asks adults nationwide questions about their personal and family finances to gather insight into the economic well-being of individuals and their families. This measure is not necessarily identifying the available savings an individual or household has, but rather how someone would decide to pay for an unexpected $400 expense, if they were able to do so at all, given their financial situation.

TYPICAL HOUSEHOLD BUDGET PERCENTAGES FULL

The more recent Household Pulse Survey reports from 20, which show greater difficulty affording usual household expenses than the 20 data, may reflect impacts related to the end of key federal pandemic assistance as well as inflation in New Hampshire‘s cost of living expenses.Īnother, separately calculated barometer of financial well-being is the percentage of adults who can pay an unexpected $400 expense using cash or equivalent means, such as savings or a credit card to be paid in full at the end of the month. Census Bureau data that found about nine in ten families with low incomes were using the Advance CTC payments for basic needs, including food, clothing, shelter, and utilities. This research mirrors earlier analyses of U.S. Additionally, the report noted the payments were especially helpful to households with Black and Hispanic members.

For every $100 of Advance CTC payments families received, an estimated $28 was spent on food, $31 was spent on housing, and $15 was spent on goods and services for children.

The National Bureau of Economic Research recently released findings that indicated the majority of CTC payments were used for key household expenses. The percentage of New Hampshire residents reporting difficulty paying household expenses has been relatively stable for the last two years, but is significantly higher than the approximately one in five adults who reported difficulty affording expenses during the Summers of 20.įewer New Hampshire adults facing difficulty paying household expenses in 20 may be explained in part by the implementation of federal aid packages during those years, including the one-time Economic Impact Payments and the monthly Advance Child Tax Credit (CTC) payments. During the most recent survey period, which was from June 28 to July 10 of 2023, about 34 percent of Granite State adults reported that paying for usual household expenses was somewhat or very difficult in the previous seven days. Census Bureau began collecting data through the Household Pulse Survey to measure the impacts of the COVID-19 pandemic, including on household spending.

Typical household budget percentages