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KEY POINTS About 40 percent of adults said they would not be able to cover a $400 unexpected expense with cash.

Among those with retirement savings, less than 40 percent think they are on track to have enough in their golden years, and 25 percent have nothing saved at all.

Even with most Americans feeling more financially secure than they did five years ago, many are struggling to set aside any type of savings. About 40 percent of adults said that if faced with a $400 unexpected expense, they would either not be able to pay it or would do so by selling something or borrowing money, according to the Federal Reserve's Report on the Economic Well-Being of U.S. Households in 2017, released on Tuesday.

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Additionally, less than 40 percent of nonretired adults think they are on track in saving for their golden years and 25 percent have no retirement savings or pension at all, the report says. These results show that "millions of Americans are in desperate need of establishing a savings habit before it's too late," said Greg McBride, chief financial analyst at Bankrate. The survey, conducted in November and December, includes information from 12,000 people across the country about their financial well-being.