Just How Big Should You Keep Your Emergency Fund?

Emergency funds vary by generation. Veuer's Elizabeth Keatinge gives us the breakdown.

Transcript

00:00Do you have an emergency fund? You know, a stash of cash in case of a job layoff, medical emergency, or any other unexpected expense.

00:1038% of adults report having an emergency fund. This, according to New York Life.

00:15The average emergency fund has $29,741.87.

00:21Baby boomers are in the lead with $34,033.34, while Gen X comes up second with $31,040.07.

00:32Millennials have $29,035.57, while Gen Z has $16,479.24.

00:40If you don't have an emergency fund, it's easy to get started.

00:44Decide how much you need to save and start automatic deposits into a high-yield savings account or other account

00:50where you can earn interest but have access while you stash your emergency cash.