Increases in the cost of living and declining asset values had a negative impact on net saving and wealth in 2022, especially for more vulnerable households, such as those with lower incomes, less wealth, and in younger age groups. Households in the second income quintile reduced their average net saving by 50.3% in 2022 relative to 2021, while at the same time average net worth declined at the fastest pace on record (-16.3%) for the bottom 40% of wealth holders and for those aged less than 35 years (-9.8%). Despite recent declines in economic well-being indicators for more vulnerable households, their net saving and wealth are still higher than before the COVID-19 pandemic.
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