Feb 6, 2023
Building an emergency fund is vital for young people: Financial educator
Personal finance tips for your twenties - transitioning from student life to financial independence
Amid economic uncertainty, one financial educator said it is crucial that young people start to build their savings early.
Jessica Moorhouse, a financial educator and host of the More Money Podcast, said in an interview with BNN Bloomberg Monday that one of the key things young people can do for their finances is to start building out an emergency fund.
“It’s one of the things that [for] every 20-year-old, that should be your number one priority is saving up that three to six months of your living expenses in a savings account, because you never know what's going to happen,” Moorhouse said.
Moorhouse said an emergency fund is important amid layoffs in the economy and it could allow people to leave a potentially toxic work environment.
“This will give you that breathing room where you can maybe leave that job while you're finding your next job,” she said.
Check out the full video at the top of the article to learn more.