Fed survey: 25 pct. of households 'just getting by'

WASHINGTON - A quarter of U.S. households said they were "just getting by" financially in a survey taken last year by the Federal Reserve.

The Fed issued the first-time report Thursday, describing it as a snapshot of how Americans perceived their financial and economic well-being. The survey of about 4,100 households was conducted from Sept. 17 through Oct. 4, 2013.

Thirteen percent said they were struggling to get by, and 34 percent reported they were somewhat worse off or much worse off than before the recession started hit in 2008.

A third of those who had applied for credit in the previous 12 months said they were turned down or given less than they requested, and 24 percent had some type of education debt.

Thirty-one percent of people who were not retired said they had no retirement savings or pension, including 19 percent of those ages 55 to 64. Nearly half of adults were not actively thinking about financial planning for retirement, with 25 percent saying they had done no planning.

Twenty-six percent of homeowners said they expected prices in their neighborhoods to increase by as much as 5 percent in the 12 months after the survey period.

As the economic recovery enters its sixth year, a number of factors help explain why many Americans don't feel better off. Income hasn't rebounded. Millions are working part-time even though they want full-time jobs. It's taking longer to find work. People are still struggling with mortgage debt. Most people don't feel free to spend as much as they once did.

A new annual report released Thursday by the Commerce Department shows consumer spending has soared since the recession ended in U.S. states with oil and gas drilling booms, and has lagged in states hit especially hard by the housing market bust. The state-by-state report points to substantial shifts in the economy since the recession.