A viral video spurred discussion over how much money young people really keep in their savings accounts — but here’s how much experts say you should actually have on hand

  • The amount of cash you should keep in savings depends on what kinds of savings you’re talking about
  • Most personal-finance experts advise that at the very least, you should keep three to six months’ worth of living expenses in a savings account for emergencies
  • The median bank-account balance for those under 35 years old is $5,400, according to Bankrate
  • Your emergency fund could be up to 12 months’ worth of living expenses
  • Talking more openly about your savings can be helpful

How much do you keep in your savings account? $30,000? A few grand? Less than a dollar? Those were a few of the answers thrown out in the comments on a recent TikTok video that focused on how much money people actually keep in their cash reserves. Personal-finance experts advise that at the very least, you should keep three to six months’ worth of living expenses in a savings account for emergencies. The median bank-account balance for those under 35 years old is $5,400, according to Bankrate. Your emergency fund could be up to 12 months’ worth of living expenses. Talking more openly about your savings can be helpful.·

Factuality Level: 2
Factuality Justification: The article contains a lot of irrelevant information about personal finance and savings accounts, with unnecessary details about TikTok videos and user comments. It lacks depth and fails to provide substantial insights or analysis on the topic.·
Noise Level: 2
Noise Justification: The article provides a detailed discussion on the topic of savings accounts, including expert opinions and statistics. It offers insights on how much to keep in savings, different savings goals, and the importance of discussing finances openly. The information is relevant and supported by data, making it a valuable read for those interested in personal finance.·
Public Companies: YouTube (GOOG)
Key People: Hannah Lasche (user), Elizabeth Ayoola (writer at NerdWallet), Thomas Scanlon (certified financial planner), Charles Pastor (certified financial planner and contributing expert at the Motley Fool Ascent), Vivian Tu (creator of Your Rich BFF)

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Financial Relevance: Yes
Financial Markets Impacted: The article discusses personal finance and savings accounts, which can impact individuals’ financial well-being and potentially affect their spending and investment decisions.
Financial Rating Justification: The article provides information and advice on how much money to keep in savings accounts, which can have financial implications for individuals and potentially impact their financial decisions.·
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: null·

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