The question in the survey is whether they "would cover
a hypothetical $400 emergency expense exclusively using cash or its equivalent".
Got $10k in highly liquid stocks and you'd sell some? Or you have plenty of money in your savings account but you use credit cards for all purchases? Then you get counted as "can't come up with $400".
It's useful to look at how the number changes over time, but trying to interpret the raw percentage is prone to misstep.
The question in the survey is whether they "would cover a hypothetical $400 emergency expense exclusively using cash or its equivalent".
Got $10k in highly liquid stocks and you'd sell some? Or you have plenty of money in your savings account but you use credit cards for all purchases? Then you get counted as "can't come up with $400".
It's useful to look at how the number changes over time, but trying to interpret the raw percentage is prone to misstep.