by Wolf Richter, Wolf Street:

54% have three months of expenses set aside in their account. But 13% can’t pay for a $400 emergency expense.

The Federal Reserve released the new results of its annual “Survey of Household Economics and Decisionmaking” (SHED) this week.

It includes the infamous section on how American adults would pay for that hypothetical $400 emergency expense, such as a car repair – the results of which are often ridiculously misrepresented in the headlines.