Always keep in mind that the News media's main goal to to attract eyes for advertisers. Better to read the academics who actually study the subject. BTW If you think the academics are all far leftists nuts it is because of the reporting of News media, most of the academics are down to earth in their area.
My guess is that you’ve heard that famous result from a recent Federal Reserve survey of Americans: Four in 10 adults in 2017 would either borrow, sell something, or not be able pay if faced with a $400 emergency expense. That’s the exact wording of the Federal Reserve Board’s report of the results of its survey....Question EF3. Suppose that you have an emergency expense that costs $400. Based on your current financial situation, how would you pay for this expense? If you would use more than one method to cover this expense, please select all that apply.Check the results as reported in the Appendix or as reported by Reynolds. (He reproduces their table.) 36 percent of people answered “Pay it on my credit card and pay it off in full at the next statement.” That would be my option: I want the air miles. 50 percent of people answered “With the money currently in my checking/savings account or with cash.” We can’t simply add these two numbers to get 86 percent because the survey, as noted, gave people the option of using more than one method.
So here are some headlines reporting on this:
CBS:Nearly 40% of Americans can't cover a surprise $400 expenseCNN:40% of Americans can't cover a $400 emergency expenseCNBC:Millions of Americans are only $400 away from financial hardship.Fox Business:Shocking number of Americans can't cover $400 surprise expenseBloomberg:Almost 40% of Americans Would Struggle to Cover a $400 EmergencyNY Times:
Many Adults Would Struggle to Find $400, the Fed Finds
Better to read the academics who actually study the subject. If you think the academics are all far left nuts it is because of the reporting of News media, most of the academics are down to earth in their area of expertise though outside their area they tend to be a little leftist nuts because they read the media above.