The shameful money secret of the Australian middle class.

Almost half of the middle-income Americans have admitted they wouldn’t be able to come up with $500 for an emergency situation, according to a survey conducted by the US Federal Reserve.

Would you?

It’s unlikely, considering the fact that most Australians don’t have much in the way of savings, with majority of us running out of all funds after just a month of unemployment, according to ME Bank’s Household Financial 2013 Comfort Report.

That is, for those who even have savings.

We are paying our bills but have nothing to spare after mortgage, petrol, utilities, groceries, kids activities, clothing, dentist and the rest.

Of those middle-income Americans surveyed by the US Federal Reserve, most would have to sell something or borrow to meet the unexpected expense.

Haven’t so many of us gotten down to our last $50 before pay day arrived?

In the movie Fun with Dick and Jane, this middle-income couple struggle to make ends meet after they find themselves out of work. Article continues after this video.

It’s widely believed that those who are asset-rich are obviously cash-rich as well, but further investigation reveals that this is not the case. It’s expected that singles who are just starting out may be left to pump $8 of petrol into their cars or search under the lounge pillows for bus money. But that net of people worried about their next dollar has spread to middle-income Americans and Australians who have little or no savings (and yet mortgages and families).

Life wasn’t meant to be this much of a struggle.

We were raised to believe that if we worked hard, we’d be in a position to enjoy life. But as our lives progress our expenses increase, leaving even households with reasonable incomes struggling financially.

They’re not rich enough to be considered rich.

They’re not poor enough to access benefits or funding.

Middle-income Americans and Australians are employed but the money simply moves from bank account to bills. Sometimes we tell ourselves that next time we'll put some money away in our savings account, next time we'll contribute to our super, next time we'll be more careful, next time we'll make the money go further.

Easier said than done when we constantly find that once all the bills are paid, there isn't money left with which to do much at all.

A home can be considered an investment, with many Australians able to draw against that equity when an unexpected expense arrives or simply put it on a credit card, only to be left with the added bonus of having to pay not only the $500 towards our emergency expense but interest on it for our lack of financial foresight.

Then there's the idea of separating our "emergency" fund and our "savings" account, at least that's what we're constantly advised to do whenever we are doing research into improving our financial position. No wonder we give up on budgeting, preferring not to know because we don't even know how to begin fixing the mess we are in.

That leaves quite a few of us without a basic understanding of where all of our money goes.

The reality is that no matter how healthy, smart, organised or asset rich you are, one day you will have an emergency. And on that one day, will you have enough money -- not on credit -- to hand over $500?