Savings Advice: How Much Do You Need to Feel Financially Secure?
Recent research has revealed that the average person feels financially secure only once they’ve stashed away around £4,000. But how much do you need to feel financially secure?
Aiming for financial security
According to a survey of 2,000 employed Americans, evenly distributed across generations, Gen Zers aim for a minimum of £3,381 in savings to feel prepared. Baby boomers prefer a cushion of nearly £5,150, while Gen X feels most at ease with around £4,000 in their accounts.
“The survey also found that the average person starts to feel stressed about their money just seven days after receiving their paycheck,” said Madhu Muthukumar, Chief Product Officer at Chime.
The weight of financial stress
In order to combat financial stress, it’s essential to set clear financial goals that prioritize your needs and spending. Open communication about your financial boundaries can lead to better understanding and support in your inner circles.
“Set clear financial goals that prioritize your needs and spending. Open communication about your financial boundaries can lead to better understanding and support in your inner circles,” said Dasha Kennedy, Personal Finance Advocate for Chime.
Setting clear financial goals
So, how do you manage your savings and prepare for unexpected expenses? Share your tips, stories, and questions in the comments section.
Sharing savings tips
Remember, maintaining financial wellness positively impacts your mental health the same way that meditation or mindfulness does. Take control of your finances today and start building towards a more secure future.
The importance of financial wellness
