The Federal Reserve’s Survey of Household Economics and Decisionmaking, known as the SHED, is an annual survey about the financial circumstances of U.S. adults and their families. The Fed has conducted it since 2013 to track economic well-being and identify risks to household finances. As of January 25, 2026, the latest published annual results are for 2024. The 2025 survey was conducted in October 2025, but its results are not yet available.
A report like this is best read as a collection of answers to specific questions, not as a single grade for the economy. A percentage may describe how people feel, what they say they could afford, or what happened at work. Those are related topics, but they are not interchangeable.
Start with what the survey measures
The SHED covers a wide range of household experiences, including savings, credit, retirement, employment, income, expenses, housing, childcare, education, student loans, and banking. That breadth helps explain why the report is useful for spotting patterns. It also means any one headline number represents only a small part of the survey.
Before interpreting a statistic, look for the question behind it. “Could cover an unexpected expense,” for example, is not the same measure as “has savings” or “feels financially secure.” The wording sets the boundaries of what an answer can tell you. If the summary gives only a short label, check the report’s question wording and survey description for context. The Fed’s SHED overview explains the survey’s purpose, while the 2024 survey description provides information about that year’s survey.
Also note who is included in the statistic. Some results describe all adults; others focus on a group, such as workers or people who are not retired. A percentage for one group should not be read as though it applies to everyone.
Separate household finances from economic mood
Reports often present both direct questions about people’s own finances and questions about how they view the local or national economy. Those answers can move in different directions. Someone may say their household is doing okay while judging the broader economy poorly, or the reverse. A change in an economic rating is not, by itself, proof that personal finances changed by the same amount.
Pay attention to the question’s time frame, too. A question about whether someone is doing okay financially asks for a broad assessment. A question about whether they could pay a particular bill asks about a more specific situation. Neither one gives a complete account of that person’s finances.
Comparisons over time add useful context. A current result can be compared with the prior survey and with earlier years, if the question and the population being measured are comparable. A single year may look unusual beside its immediate predecessor but less so across a longer period. Look at the full run of results before treating a one-year movement as a lasting trend.
Read percentages and changes carefully
A percentage describes a share of the people counted, not the number of people in every household or a prediction about what any one person will experience. For example, a survey finding about the share of adults who could meet an emergency expense is a population-level measure. It does not reveal how much money each respondent had available or what would happen in a different emergency.
When a report says a result changed by a few points, distinguish percentage points from percent change. If a share moves from 40% to 42%, that is an increase of two percentage points. The relative increase is a different calculation. Reports usually state which type of change they mean, but summaries can make the distinction easy to miss.
Small changes also need context. Survey results come with uncertainty because they are based on responses from a sample rather than every adult in the country. Look for the report’s methods information, including sample size, how the sample was selected, whether the results were weighted, and any reported margin of error. A small movement may not establish that the underlying population changed. If those details are not available in a summary, avoid drawing a firm conclusion from a narrow difference.
Look beyond the overall average
An all-adult figure can hide different experiences among groups. The SHED reports results for demographic groups as well as for adults overall. When a headline says a measure was stable, check whether results were similar across age, income, race, or other groups shown in the report. A steady overall number can exist alongside improvement for some people and decline for others.
Group comparisons need care. Check how each group is defined and whether the report gives enough information to assess the precision of its estimate. A difference between two groups is a descriptive finding. It does not, on its own, explain why the difference exists or establish that one factor caused it.
Geography and work status can matter as well. A result for workers, for example, does not describe adults who are not working in the same way. If a report separates metropolitan and nonmetropolitan respondents, treat that as one comparison in a larger set of results, not a complete account of every community.
Know what the report cannot tell you
The SHED describes reported experiences across a population and its subgroups. It cannot say what applies to a particular household. It is also not a forecast. Even a clear change in a survey measure does not establish what will happen next, or explain all the reasons respondents answered as they did.
For a careful read, keep three details beside each headline: the exact question, the group being described, and the years being compared. Then check the methods and any tables or charts that break out the result. These steps help separate a broad impression from a measurable finding.
The Federal Reserve makes SHED data available through FRED, the St. Louis Fed’s public data service. Searching for the survey title can help readers find series and compare results, including across groups when those data are available. The aim is not to turn a national survey into a personal verdict. It is to understand what respondents reported, how that compares with earlier answers, and where the evidence leaves questions open.
Please seek a professional. This article is general information, not financial, tax or insurance advice. Please seek a licensed financial, tax or insurance professional about your own situation.
