美联储表示，2022年至2025年期间，家庭收入、财富和债务压力均有所增加作者：霍华德·施奈德华盛顿，10月9日 — — 从新冠肺炎疫情中退出使得大多数美国家庭的收入和财富有所增加，收入增长主要集中在相对较弱的群体中，但更多的财富流向了前10%的家庭，这是美联储一项涵盖2022年至2025年期间的最新调查所显示的情况。
Fed says household income, wealth, debt stress increased from 2022 to 2025 By Howard Schneider WASHINGTON, Oct 9 - The exit from the COVID-19 pandemic raised incomes and wealth for most US families, with income gains concentrated among the less well off but more wealth flowing to the top 10%, a new Federal Reserve survey covering the 2022-2025 period showed.
美联储最新发布的《消费者财务调查》是一项每三年进行一次的详细民意调查，覆盖全国约4300个具有代表性的家庭样本，显示与疫情期间相比，财富增长放缓。当时股市暴跌后又迅速攀升，家庭通过联邦救助支付积累了数万亿美元。该调查主要在去年4月至5月期间进行。随着财富增长放缓，美联储表示，部分家庭的财务压力有所增加。
The Fed's latest Survey of Consumer Finances, a detailed poll held every three years and covering a representative sample of around 4,300 households nationwide, shows far slower wealth gains than experienced during the volatile pandemic years, when stock markets plummeted and then soared, and households banked trillions of dollars in federal support payments. The poll was conducted largely from April through May of last year. With wealth gains moderating, the Fed said, financial stress increased for some.
美联储称，在“经济适度扩张且通胀居高不下”的时代，“虽然大多数家庭的收入和净资产出现了适度增长，但越来越多的家庭似乎正面临财务压力”。
In an era "of moderate economic expansion and elevated inflation ... while most families experienced moderate increases in income and net worth, an increasing subset of families appear to have been experiencing financial stress," the Fed said.
虽然收入增长在相对较弱的群体中更为显著，但这对提升他们的财富帮助有限。调查显示，收入最低的四分之一家庭的净资产下降了超过50%，从2022年上次调查时的3800美元降至1700美元。
While income gains were larger for the less well off, they did little to boost their wealth, with the bottom fourth of households seeing their net worth fall more than 50%, from $3,800 as of the last survey in 2022 to $1,700.
黑人家庭的中位数财富在2019年至2022年期间曾激增60%，但美联储指出，该群体出现了“大幅下降”，降幅达25%。美联储认为，新数据“强化了按家庭特征划分的现有财富不平等模式”，即那些已经较为富裕、年龄较大、受教育程度较高或收入较高的家庭获得的收益更多。
Median wealth for Black families, which surged 60% in the 2019-2022 period, posted "a large decline" of 25%, said the Fed, which concluded that the new data "reinforced existing patterns of wealth inequality by family characteristics," with families that were already wealthy, older, better educated or higher-earning gaining more than others.
财富增长尤为明显的是主家庭成员年龄超过75岁的家庭，其财富增长达37%。这种代际倾向在年轻家庭中的家庭形成和购房行为放缓方面也有所体现。
Wealth gains were particularly pronounced, up 37%, for families whose main member was older than 75, a generational skew that has shown up in slower family formation and homebuying among younger families.
尽管家庭债务保持稳定，家庭杠杆率——即债务与资产的比率——有所下降，但在高通胀和利率上升的时代，债务压力的迹象正在积累。
While household debt remained stable and household leverage — the ratio of debt to assets — declined, signs of debt stress were accumulating through an era of high inflation and rising interest rates.
家庭债务支出占收入的比例中位数上升了2个百分点，达到15.4%，而总债务收入比从2022年的89.4%升至94.9%。有8.6%的家庭债务支出超过其收入的40%，高于2022年的6.5%，这是自2013年调查以来的最高水平。
The median debt payment as a share of income rose 2 percentage points to 15.4%, and the total debt-to-income ratio jumped to 94.9% from 89.4% in 2022. A larger share of families, 8.6% versus 6.5%, had debt payments that ate up more than 40% of their income, the highest reading since the 2013 survey.
更多消费者在贷款付款上落后 调查捕捉了美国从疫情时期的经济波动中走出、进入“新常态”的时期——工资增长更为温和，同时股市财富大幅增加。一些经济学家描述这种趋势为“K形”分布：底层家庭在挣扎或落后，而拥有现有资产或更高收入的家庭则在前进。
MORE CONSUMERS FALLING BEHIND ON LOAN PAYMENTS The survey captured years when the US was moving beyond the economic volatility of the pandemic toward a "new normal" of more modest wage gains alongside a large run-up in stock market wealth. Some economists have described what's emerging as a "K-shaped" distribution, with families at the bottom treading water or falling behind, while those with existing assets or higher incomes are moving ahead.
消费者支出保持韧性，而上升的债务压力和“先买后付”服务的使用至少部分解释了这一现象。
Consumer spending has held up, and the rising debt stress and the use of buy-now, pay-later programs suggest at least a partial explanation.
美联储报告称：“报告贷款付款逾期的家庭比例从约12%急剧上升至近20%”，同时使用“先买后付”计划的家庭比例从7%升至12%。
"The share of families that reported being behind on loan payments sharply increased from about 12% to almost 20%," the Fed reported, with the share of households using the buy-now, pay-later plans jumping from 7% to 12%.
在通胀调整后，三年期间家庭中位数收入增长7%，达到82,200美元，此时疫情时期的紧张劳动力市场逐渐缓解，失业率小幅上升。
Overall median family income adjusted for inflation rose 7% to $82,200 during the three-year period, when the tight labor market of the pandemic gradually gave way to a small rise in unemployment.
收入分配下端的更大幅度增长——底部60%的家庭实际收入增长4%至7%，而顶部10%的收入者实际收入下降6%——符合后疫情时代的情况：当时企业面临劳动力短缺，尤其是服务业，雇主通过加薪和奖金来吸引医疗、餐饮及其他“线下”岗位的员工。
The larger income rise at the lower end of the income distribution, ranging from 4% to 7% for the bottom 60% of families versus a 6% real income decline for the top 10% of earners, was consistent with conditions in the post-pandemic era, when firms were short of workers, particularly in the services sector, and employers offered pay hikes and bonuses to attract employees to healthcare, restaurant and other "in-person" occupations.
中位数净资产增长2%至215,900美元，美联储在随调查一起发布的新闻稿中表示，“净资产和收入分布中的大多数家庭都经历了增长”。
Real median net worth rose 2% to $215,900, and "most families across the net worth and income distributions experienced increases," the Fed said in a press release accompanying the survey.
住房拥有率保持稳定，约为66%，而股市参与率从2022年的58%略微下降至2025年的56%。
The homeownership rate remained stable at about 66%, while participation in the stock market dropped slightly from 58% in 2022 to 56% in 2025.