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Be Ready for the Unexpected With an Emergency Fund © (Getty Images) Close up of a mature woman doing her bills at home The emergency fund is a critical tool for financial security – a fact that was reinforced for many when the coronavirus pandemic tested their ability to weather an economic storm. The personal saving rate hit an all-time high last year as consumers hunkered down during the pandemic. Experts, however, say the full ramifications of 2020 s economic downturn on individuals abilities and willingness to save for an emergency are still unknown. The portion of disposable income set aside as personal savings during the pandemic hit a high of 33.7% in April 2020, according to the U.S. Bureau of Economic Analysis. Though the personal saving rate dropped from there to the most recent rate available of 13.6% in February 2021, it s still relatively high compared to pre-pandemic levels of 7.2% in December 2019.

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