In recent years, there has been a “notable” increase in the number of Americans struggling to put food on the table, and that may be contributing to historically low levels of consumer confidence, a new New York Federal Reserve survey showed Wednesday.
The New York Fed updated a 2020 analysis of the financial effects of the pandemic with newly collected data from the Consumer Expectations Survey.
Researchers found that a larger share of Americans became more vulnerable to food insecurity than in May and June 2020, struggling to get food, missing meals or receiving food donations or federal nutrition assistance.
“We found a notable increase in food insecurity, particularly among low-income and less-educated families and families with young children,” New York researchers shared on Wednesday.
These same groups also reported increases in pessimism regarding financial well-being.
While not necessarily causal, the association between rising food insecurity and rising pessimism points to a possible explanation for why despite economic data remaining relatively resilient, the researchers noted.
Income and wealth inequality have long persisted in the U.S., but Americans’ economic experiences and outcomes have become increasingly unequal in recent years.
This dynamic, often called a “K-shaped” economy, is defined by growing inequality in how low- and high-income Americans spend, earn and accumulate wealth.
Those in the upper half of the K curve saw their family finances and wealth increase.
Meanwhile, those at the lower end of the K-curve have faced significantly greater levels of financial hardship due to the high cost of living, the post-pandemic inflation crisis, and more than five years of prices rising faster than normal.
“Increased financial pressure due to the high cost of living, combined with the end of pandemic-era aid (such as the expansion of Supplemental Nutrition Assistance Program benefits), has led to renewed concerns about food insecurity among those at the bottom of the K-curve,” New York Fed researchers wrote.
In February 2026, 10% of families interviewed said they did not have enough food, an increase from the 4% recorded in June 2020, according to data released on Wednesday (27). The proportion of people receiving food donations increased (from 10.6% to 15.8%), as did the number of beneficiaries of the Supplemental Nutrition Assistance Program (from 10.6% to 17.9%), and more than a third of respondents used their savings to cover expenses (36.8% versus 21.8%).
The New York Fed survey data was collected before , which subsequently resulted in a crisis in the supply of , causing a spike in gasoline prices and further exacerbating affordability concerns.
