An average financial wellbeing score for someone who has liquid cash of $1,000-$4,999 was 52 (median score of 54). Most noteworthy, the individuals with liquid savings of $5,000 and above scored significantly higher (59 and above).
While the general guideline for emergency fund is to save three to six months of expenses, this may be an unattainable goal for many. Therefore, saving a minimum of $5,000 can absorb the shock of temporary unemployment, medical cost, or some other unforeseen emergency. Consequently, one should strive to save $5,000 in liquid cash to improve their financial wellbeing.