Nearly half of folks in the US have no way of paying an unexpected $1,000 expense. $100,000 isn't inconsequential to the majority of the world.
Would love to see some data, as anecdotally, living in the Bay Area, I cannot at all relate to your comment given the massive amount of wealth virtually anyone I know has. People routinely drop $1k on a couple of mid-tier restaurant dinners around here (restaurant prices show that a drink these days is $25, crazy, good thing I stopped consuming alcohol), which I do understand is an outlier. Thanks.
> When faced with a hypothetical expense of $400, 63 percent of all adults in 2023 said they would have covered it exclusively using cash, savings, or a credit card paid off at the next statement [...] 37 percent of adults [...] would not have covered a $400 expense completely with cash or its equivalent