Emergency funds vary by generation. Veuer's Elizabeth Keatinge gives us the breakdown.
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00:00Do you have an emergency fund? You know, a stash of cash in case of a job layoff, medical
00:06emergency, or any other unexpected expense. 38% of adults report having an emergency fund.
00:14This according to New York Life. The average emergency fund has $29,741.87. Baby boomers
00:22are in the lead with $34,033.34, while Gen X comes up second with $31,040.07. Millennials
00:32have $29,035.57, while Gen Z has $16,479.24. If you don't have an emergency fund, it's
00:42easy to get started. Decide how much you need to save and start automatic deposits into
00:48a high-yield savings account or other account where you can earn interest but have access
00:53while you stash your emergency cash.