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What percent of Americans would cover a $400 emergency with cash (or an equivalent*)?

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ngpf.org 8/22/24

Q:

BANKING

QUESTION OF THE DAY

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*Ways of payment include cash, funds from savings account, or credit card transaction paid off next statement.

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A:

QUESTION OF THE DAY

BANKING

63%

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Source: Federal Reserve

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FOLLOW-UP QUESTIONS

  1. Are you surprised by this number? Why or why not?
  2. What are some emergency expenses that could amount to $400?
  3. How do you think the remaining 37% cover this emergency cost?
  4. Your friend says “Why would you want to save money when interest rates that banks pay for savings are so low?” Convince them that saving money is a good idea.