What the survey measures
The Federal Reserve has conducted the Survey of Household Economics and Decisionmaking since 2013. The 2025 survey, fielded in October 2025, covers financial well-being, employment, expenses, banking and credit, housing, education and retirement.
Why it matters for app-based borrowing
Emergency liquidity is one of the central contexts for cash advances, payday loans and other small-dollar products. The SHED does not measure “loan app demand” directly, but it provides a high-quality baseline for understanding how many adults have liquid resources available when an unexpected bill arrives.
What 63% does—and does not—mean
The measure counts cash, savings or a credit card that would be paid off at the next statement as “cash or its equivalent.” It does not mean the remaining 37% would necessarily use a high-cost loan. People may borrow from family, carry a credit-card balance, sell something, delay a payment or use other methods.
Evidence limitations
This is a hypothetical $400-expense question, not observation of an actual emergency. Responses describe intended behavior. Product-specific decisions still depend on credit access, timing, income, local law and available alternatives.
Where this connects
Use this evidence alongside the before-you-borrow guide, affordability check, cash advance app guide and borrowing-decision evidence summary.
Primary sources
Economic Well-Being of U.S. Households in 2025
Federal Reserve Board · 2026
Nearly 13,000 U.S. adults surveyed in October 2025; broad measures of financial resilience, credit access, savings and emergency expenses.