A recent Federal Reserve Board report reveals a decline in financial well-being among Black adults during the Trump-Vance administration. Based on responses from about 13,000 adults collected in October 2025 through the Survey of Household Economics and Decisionmaking (SHED), the study highlights a significant drop in confidence related to economic conditions, job security, and financial stability, particularly among Black respondents. While 25% of all adults rated the national economy as “good” or “excellent,” this positive outlook has decreased notably since before the COVID-19 pandemic, with job anxiety rising sharply. More than half of Black adults, regardless of education, expressed concerns about maintaining employment, a figure that significantly exceeds the national average.

Economist Ismael Cid-Martinez pointed out that although the Trump-Vance administration inherited a strong labor market, their economic policies have resulted in growing uncertainty and a loss of financial confidence among workers. The survey found that 73% of respondents overall were “doing okay financially” or “living comfortably” in 2025, but key groups such as low-income, young, and Black adults reported marked struggles. For Black adults, financial well-being declined nearly 5 percentage points to 60%, the lowest it’s been since 2015. Particularly noteworthy is the finding that Black adults with a college education suffered the steepest financial declines, with those holding a bachelor’s degree experiencing a nearly 7 percentage point drop.

The survey also highlighted rising unemployment challenges faced disproportionately by Black workers, who saw a 3 percentage point increase in unemployment between 2024 and 2025—the largest jump among any racial or ethnic group. This increase compounded fears related to job stability and widened economic fragility for Black adults and their families. Concerns about making ends meet rose to 77.5% among Black respondents, up from 69% the previous year, whereas white non-Hispanic adults reported a slight decline in financial worries during the same period.

Cid-Martinez emphasized that longstanding structural inequities in the U.S. economy continue to leave people of color vulnerable to economic shocks. Despite education traditionally being seen as a buffer against financial difficulties, the data shows it failed to protect Black adults from increasing economic instability in the Trump-Vance era. The survey underscores a growing disparity in economic experiences with Black adults facing heightened employment uncertainty and financial strain, reinforcing the need to address systemic barriers that hinder Black economic progress.