Here's why so many Americans can't come up with $400 to pay for an unexpected expense
At first, only more questions emerged. Mainly, there appeared to be a gulf between what people said they could afford and what they actually could. Two surveys — both administered by the Federal Reserve — seemed to produce conflicting results.
The Survey of Household Economics and Decision Making asks people how they would pay for an unforeseen $400 expense. If a respondent said they simply wouldn't be able to or would have to borrow money, sell something or neglect other bills to do so, they were included in the share of people for whom coming up with the money would be a challenge, which added up to that alarming 40%.
For some reason, many people who had $400 on hand still said they'd struggle to come up with the money. "We were scratching our heads," Chen said.
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