American individuals and families across the socioeconomic spectrum would have difficulty coming up with money to cover an unexpected $400 bill.
That finding comes from the latest annual consumer survey conducted the Federal Reserve Board. The survey is intended to monitor the "financial and economic status of American consumers," according to The Atlantic.
The survey asked respondents how they would pay for a $400 emergency. A whopping 47 percent said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with $400 at all.
Below are four findings from similar studies on American finances.
1. A 2014 Bankrate survey found only 38 percent of Americans could cover a $1,000 emergency room visit or a $500 car payment with money they had held in reserve.
2. A 2015 report by Pew Charitable Trusts found 55 percent of households did not have enough liquid cash to cover a month's worth of lost savings.
3. A different 2015 report by PCT found of the 56 percent of respondents who said they worried about their finances in the previous year, 71 percent were concerned about covering everyday expenses.
4. Average credit card debt was about $5,700 per household in 2015, according to an analysis of Federal Reserve and TransUnion data by ValuePenguin.