Nearly 4 in 10 Americans Currently Unable to Cover $400 Emergency Expense

The Federal Reserve’s survey reveals that 37% of Americans do not have enough funds to cover a $400 emergency expense, indicating an increase from the previous year’s 32%. Additionally, 18% of Americans stated that the largest non-emergency expense they could cover with their savings was under $100. While the low unemployment rate led to positive outcomes such as raises and promotions for some, the majority of Americans struggled to keep up with inflation, as real average hourly wages fell 0.5% between April 2022 and April 2023.

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