I think emergency often means the next financial crisis (at least statistically). During which, you lose your job but also your access to credit. As worsening c

I think emergency often means the next financial crisis (at least statistically). During which, you lose your job but also your access to credit. As worsening credit conditions are often the cause of crisis. Other than that you're right. Maintaining an emergency fund is expensive in term of opportunity cost. Like the cost of any insurance. There is no free lunch.