At some point in your life, you probably received advice regarding savings. Some financial advisors instruct you to set aside an emergency $1,000 fund, and other say just set aside $50-$100 of each paycheck and watch the savings build up.

A new Federal Reserve survey finds, however, that four out of every 10 Americans could not come up with $400 to cover an unexpected expense, emergency or otherwise. That $400 could be in cash, savings, or a credit card charge that could be quickly paid off.

In fact, 27% of the people surveyed said that they would have to borrow the money or sell something they owned to pay for a $400 expense, and 12% said they would be unable to pay it at all.

The good news is that since 2013, the number of people who could cover that $400 expense easily is growing and now stands at 61%. But that growing number signifies that many Americans still remain on the financial edge. As the economy grows, so, too, should the number of Americans who feel more confident financially.

The disparity between rural and urban areas persists, unfortunately. Only 52% of rural residents indicated their local economies are doing well, compared to 66% of people who said that in urban areas.