Dire straits

How many unpaid workers can afford a month without income?

Can you cover an unexpected $400 expense?

Four in ten Americans can't, according to a new report from the Federal Reserve Board. Those who don't have the cash on hand say they'd have to cover it by borrowing or selling something.

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Notable differences remain across race, ethnicity, education levels and geography. The report shows hardship continues for people working to repay college loans, cover emergency expenses and manage retirement savings.

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"The finding that four-in-ten adults couldn't cover an unexpected $400 expense without selling something or borrowing money is troubling," said Greg McBride, chief financial analyst at Bankrate.com. "Nothing is more fundamental to achieving financial stability than having savings that can be drawn upon when the unexpected occurs."

  CNN Money

According to a brand new survey from Bankrate.com, just 37% of Americans have enough savings to pay for a $500 or $1,000 emergency.

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In November, Pew Charitable Trusts reported that one in three American families have no savings at all. In December, Magnify Money released the results of a study that found that 56.3% of people have less than $1,000 in their checking and savings accounts combined.

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According to the Pew Charitable Trusts analysis, the median size of a family's most expensive financial "shock" (as they call it) in a year is $2,000. But Pew also found that the cost of emergencies actually varies by income: for households with an income of $25,000 or less, the median cost of the most expensive financial shock is $1,000, a figure that equates to 31 days' worth of income. [...] [F]or families making between $50,000 and $85,000 [...] the median financial shock was $2,500 -- or 13 days' worth of income.

  

Four hundred, five hundred, a thousand?  How about an emergency that requires them to cover an entire month's worth of expenses, including rent?

...but hey, do what you want...you will anyway.