The statistics are staggering. 78% of the America population lives paycheck to paycheck and would not be able to afford a $400 emergency.
To get a better sense of this, I highly recommend that you read this MarketWatch article (recommended by a subscriber, thanks Dave!):
I found this quote from the article to be particularly terrifying:
"Research from the Federal Reserve found that 4 in 10 Americans couldn’t afford a $400 emergency, and 22% say they expect to forgo payments on some of their bills."
Do you find it terrifying? I hope so, because you should.