The Great Recession significantly affected the financial well-being of U.S. households, which also influences the health of the national economy. To help understand how families and individuals are faring financially, in September 2013 the Federal Reserve Board of Governors conducted the Survey of Household Economics and Decisionmaking (SHED). A recent report details the survey findings, providing a snapshot of the financial well-being of U.S. households in a variety of areas: household finances, housing, credit experiences and expectations, and borrowing for education, savings, retirement, and health care expenses.

Overall, the survey shows that many U.S. households were recovering from the Great Recession. However, serious concerns remain for certain segments of the population. Thirteen percent of households reported they were struggling to get by, with 25 percent saying they were "just getting by." Moreover, 34 percent of households reported they were somewhat or much worse off financially than they were five years earlier. Despite this, most households were generally optimistic about the future with 21 percent of respondents expecting to see their income increase and 61 percent expecting it to stay the same over the next 12 months. Here are some specific findings.

Housing: Homeowners were generally optimistic about the future. Forty percent of respondents expected home values in their neighborhood to increase over the next 12 months. Approximately one-third of respondents reported renting their home, and 45 percent of renters said they would like to own a home but could not afford a down payment on a house. Ten percent of renters reported they were actively looking to purchase a home.

Credit experiences and expectations: The experience of finding and accessing credit was mixed. Thirty-one percent of respondents reported applying for credit in the last 12 months, and one-third of that group were denied or given less credit than the original request. Also, some people didn't apply for credit because they expected to be denied; the survey indicated 19 percent of respondents fell into this category. In the area of credit experience, the survey showed variation based upon race and ethnicity of the applicant, though these effects are partially explained by other factors as well.

Financing education: Nearly a quarter of respondents reported education debt (for themselves and/or for other household members) with an average value of $27,840. Among those with education-related debt, the perceived value of postsecondary education varied significantly, depending on degree completion and field of study.

Savings and retirement: The Great Recession hit savers and retirees hard. As individuals lost their jobs, many reached into their savings or put off retirement to stay afloat. Fifty-seven percent of respondents reported using up some or all of their savings in the Great Recession and after the recession ended. Many households also are not ready for retirement. Nearly half of respondents reported having little or no plans for retirement. And some individuals had to change their plans. Forty percent of those aged 45 and over who had not yet retired but had a retirement target date pushed back those dates.

Medical expenses: Strategies to cover medical expenses varied among households, with large segments of survey respondents indicating difficulty in covering costs. Thirty-four percent of respondents reported going without some type of medical care in the prior year because they could not afford to pay for it. Forty-three percent of respondents stated they could not afford a major medical expense if they had to pay out of pocket.