100 dollar bill with blue stickie note saying Emergency Budget clipped to it (Photo: Shutterstock)

The unprecedented economic and financial impacts of an emergency event like the Covid-19 pandemic have created a poignant, teachable moment for many Americans; a time when understanding and learning about a particular concept or idea becomes easier because interest in the concept or idea is high.

For decades, financial advisors and personal finance publications have communicated the importance of emergency savings funds (ESFs). The relatively limited impact of these messages was revealed by the Federal Reserve in 2019, when it reported that many adults are not well prepared to withstand even small financial disruptions; 4 in 10 Americans did not have the financial wherewithal to easily pay an unexpected $400 expense.

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