Nearly half of Americans would have trouble covering an emergency $400 expense, according to a new survey released Wednesday by the Federal Reserve.

Forty-six percent of respondents said that, if they suddenly were faced with an emergency requiring $400, they either could not pay it or would have to cover it by selling something or borrowing money.

Minorities have even less in the way of rainy day funds. Only 38 percent of Hispanics and 36 percent of black respondents said that they would cover the hypothetical $400 expense with cash.

While alarming, those results are a slightly improvement from last year, when 47 percent said they’d have trouble coming up with the $400.

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