This release of the distributions of household economic accounts shows that expenditures and debt rose more than income and assets in the third quarter of 2022, suggesting that increases in the cost of living are having a negative impact on net saving and wealth, especially for more vulnerable households, such as those with the lowest incomes, the least wealth, and in the younger age groups. Net saving for the bottom 40% of income earners was down about 12% in the third quarter of 2022 compared with the start of the COVID-19 pandemic in the first quarter of 2020. In the third quarter of 2022, net worth declined by 10.8% for the bottom 40% of wealth holders and by 9.8% for those aged less than 35 years relative to the same quarter of 2021.
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