According to the New York Times, four in 10 American adults wouldn’t be able to cover an unexpected $400 expense with cash, savings or a credit-card charge that could be quickly paid off, a new Federal Reserve survey finds.
- According to the survey, how many people surveyed would need to borrow or sell something to pay for a $400 bill?
- Overall, what has happened to household finances over the history of the survey?
- What major disparities exist in the survey results?
Smilek, J. (2019). Many Adults Would Struggle to Find $400, the Fed Finds. New York Times, May 23 (retrievable online at https://www.nytimes.com/2019/05/23/business/economy/fed-400-dollar-survey.html )