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Derived by opinion-space, not asked directly, following the Federal Reserve's definition: whether the respondent would cover a hypothetical $400 emergency expense exclusively using cash or its equivalent (cash, money in a checking or savings account, or a credit card paid in full at the next statement), from the multiple-response item "Suppose that you have an emergency expense that costs $400. Based on your current financial situation, how would you pay for this expense?" Definition and published series: Economic Well-Being of U.S. Households in 2025 (May 2026), p. 3 (PDF p. 7) and figure 24, p. 46 (PDF p. 50).
Would cover $400 emergency using only cash or equivalent · Asked in 13 waves, 2015–2025 · 122,576 responses · weighted estimates computed from individual responses
Rule: code 1 if the respondent selected EF3_a (put it on my credit card and pay it off in full at the next statement) or EF3_c (with the money currently in my checking/savings account or with cash) and selected none of EF3_b (credit card paid off over time), EF3_d (bank loan or line of credit), EF3_e (borrowing from a friend or family member), EF3_f (payday loan, deposit advance, or overdraft), EF3_g (selling something), EF3_h (wouldn't be able to pay right now), or, where asked (2015-2018), EF3_i (Other). Code 2 if the respondent selected at least one method otherwise. Counting Other as another method follows "exclusively" and reproduces the published 2015-2018 figures (54.4, 55.9, 58.7, 60.7 vs 54, 56, 59, 61; ignoring it gives 54.7 for 2015). Code -1 if the respondent was shown the battery but selected nothing: from 2019 every such case is coded -1 (refused) on every item, while 2015-2018 code it as all zeros. In 2021+ items the Fed imputed were first recoded to -1. Derived for every wave whose EF3_a-h carry these meanings (2015-2025 and both 2020 supplements); 2022 includes only the $400 ballot, not the $500 arm; 2013-2014 asked a different battery and are not derived. Weighted share of code 1 over all codes reproduces the published figure (63 percent in 2023, 2024, and 2025).
Shares of people who gave an answer. Each column is one wave, evenly spaced rather than to scale in time; hover for exact shares.
| Group | Cash or its equivalent | Other means or could not pay | n | MoE | |
|---|---|---|---|---|---|
| All respondents | 63% | 37% | 12934 | ±0.9 | |
| Northeast |
| Poll | Field dates | Mode | Respondents | Responses |
|---|---|---|---|---|
| SHED 2025 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. Built after recoding the Fed's imputed item values to -1. | 2025-10-17 to 2025-10-28 | web | 12,934 | 12,934 |
| SHED 2024 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. Built after recoding the Fed's imputed item values to -1. | 2024-10-18 to 2024-10-31 | web | 12,295 | 12,295 |
| SHED 2023 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. Built after recoding the Fed's imputed item values to -1. | 2023-10-20 to 2023-11-05 | web | 11,400 | 11,400 |
| SHED 2022 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. Only the $400 ballot; the $500 arm is excluded. Built after recoding the Fed's imputed item values to -1. | 2022-10-21 to 2022-11-01 | web | 11,667 | 9,293 |
| SHED 2021 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. Built after recoding the Fed's imputed item values to -1. | 2021-11-01 to 2021-11-30 | web | 11,874 | 11,874 |
| SHED 2020 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. | 2020-11-01 to 2020-11-30 | web | 11,648 | 11,648 |
Shares of people who gave an answer. A group’s column is left blank in waves where its effective sample is under 50; hover for exact shares.
| 69% |
| 31% |
| 2227 |
| ±2 |
| Midwest | 65% | 35% | 2941 | ±2 |
| South | 59% | 41% | 4869 | ±1 |
| West | 65% | 35% | 2897 | ±2 |
SHED 2025 · US adults 18+. Shares of people who gave an answer. n is unweighted; ± is the 95% margin of error at 50% from the weighted effective sample. Groups with an effective sample under 50 are grayed; under 20, hidden.
| SHED supplemental survey, July 2020 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. | 2020-07-01 to 2020-07-31 | web | 4,174 | 4,174 |
| SHED supplemental survey, April 2020 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. | 2020-04-01 to 2020-04-30 | web | 1,030 | 1,030 |
| SHED 2019 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h. | 2019-10-01 to 2019-10-31 | web | 12,173 | 12,173 |
| SHED 2018 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h, EF3_i. No -1 code in this wave: a skipped battery shows as no method selected. EF3_i (Other) counts as another method. | 2018-10-01 to 2018-11-30 | web | 11,316 | 11,316 |
| SHED 2017 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h, EF3_i. No -1 code in this wave: a skipped battery shows as no method selected. EF3_i (Other) counts as another method. | 2017-11-01 to 2017-12-31 | web | 12,187 | 12,187 |
| SHED 2016 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h, EF3_i. No -1 code in this wave: a skipped battery shows as no method selected. EF3_i (Other) counts as another method. | 2016-10-01 to 2016-10-31 | web | 6,610 | 6,610 |
| SHED 2015 Derived from EF3_a, EF3_b, EF3_c, EF3_d, EF3_e, EF3_f, EF3_g, EF3_h, EF3_i. No -1 code in this wave: a skipped battery shows as no method selected. EF3_i (Other) counts as another method. | 2015-10-01 to 2015-11-30 | web | 5,642 | 5,642 |