U.S. household net worth saw a record drop during the second quarter as the value of equity holdings continued plunging, according to a recent report.

Equity holdings shed $7.7 trillion in value between April and June as the S&P 500 Index, spooked by inflation fears and the Federal Reserve’s rate hikes, plummeted more than 16%, Bloomberg writes, citing a recent Fed report.

During the same period, real estate held by households rose in value by $1.4 trillion, according to the news service.

That was not enough to prevent a substantial drop in household net worth, which shrank by $6.1 trillion during the second quarter. That 4.1% drop was the biggest on record, Bloomberg writes, citing the Fed report.

At the same time, the value of money in checking, savings and money market accounts surged to a $4.9 trillion, a new record, according to the news service. The cash "cushion” is “concentrated among wealthier households,” Bloomberg noted.

Meanwhile, consumer credit excluding mortgages jumped 8.51% during the second quarter, the largest increase since the end of 2001, Bloomberg writes.

Business debt grew at an annualized rate of 7.67% while federal debt rose 5.6%, according to the news service.