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Payments News » One-Third of Middle Class Can’t Afford $400 Surprise Expense, Fed Finds

“Fed Gov. Lael Brainard said in a speech Friday that the Fed’s 2018 Survey of Household Economics and Decisionmaking, expected to be released later this month, would show that while economic security has been “marginally” improving, many U.S. citizens—both in- and outside the middle class—were still in a position of “financial fragility.” Americans’ widespread inability to shoulder an emergency expense “is something that is very pronounced in recent years, and we should be taking a hard look at it,” Ms. Brainard said. “It’s still a pretty large percentage of our respondents who find it difficult…to meet what may seem like relatively manageable expenses.””

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