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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.

Questions:

  1. According to the survey, how many people surveyed would need to borrow or sell something to pay for a $400 bill?
  2. Overall, what has happened to household finances over the history of the survey?
  3. What major disparities exist in the survey results?

Source:

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 )