The falling stock markets have erased out more than $9 trillion from U.S. households. The resulting pressure on family budgets and spending will affect every aspect of our financial decision making.
Americans’ holdings of corporate equities and mutual fund shares fell to $33 trillion at the end of the second quarter, down from $42 trillion at the start of the year, according to data from the Federal Reserve. Market experts say the current wealth losses from financial markets could total $9.5 trillion to $10 trillion by the end of 2022.
