3 ms·

If you consider the purpose of emergency savings, the overwhelming majority of folks (even savers) weren't planning for an entire global economic collapse.

• DamnYuppie 6y ago
  I don't understand this comment, the purpose of emergency savings is for an unknown emergency. I think a pandemic would meet that criteria.
  • Izkata 6y ago
    Economic collapse, not pandemic. The idea behind typical emergency savings is for personal emergencies where stores/etc would still be business as usual, which isn't the case now.
    • mghfreud 6y ago
      How does that make any difference? In both cases, you loose your job, you live of your emergency savings for 6-12 month (hoping things are resolved in 6-12 months, but I do not think things will be back to normal in 6-12 months in this specific case). Isn't this what the emergency fund is for?
      • Izkata 6y ago
        It holds if, as I said, the rest of the world was business-as-usual. It's not. One example off the top of my head, groceries are becoming more costly due to supply chain issues from the economic collapse. Savings aren't going to go as far as planned.
• deleted 6y ago
  [deleted]