Recent increases in the cost of living and declining real estate values had unprecedented impacts on net saving and wealth for more financially vulnerable households in the first quarter, such as those with lower incomes, less wealth, and in younger age groups.

Income inequality increased in the first quarter as the gap in the share of disposable income between households in the two highest income quintiles (top 40%) and two lowest income quintiles (bottom 40%) reached 44.7%, up 0.2 percentage points from the first quarter of 2022. Although the income gap increased over the last year, it remained lower than before the COVID-19 pandemic, when it averaged 45.1% from 2010 to 2019.