The “average” is this case might not be as indicative as the “mode”. Many wealthy Americans have hundreds of thousands of dollars available in checking, savings, and money market accounts, not to mention their IRA’s and real estate equity that they can borrow from.
What this article is merely stating is that a more frequent occurrence is available cash less than $500.
The “mode” is the most frequently occurring item in the total list. The wealth of the upper 5% or so pulls that “average” number much higher.
you are right on with the mode also... stats are often twisted to show what is wanted.
You don’t know what “median” means, do you. Sad