Kel Galavan

But the thing with an emergency fund is that it is there for the emergency.

It is there for the left field thing that you cannot necessarily plan for.

And they come in very, very handy for things like recessions.

job losses.

Even if you were changing jobs and you were going from one city to another city to live, that's an expensive proposition and you might have a gap there in your money.

You might, for some reason, have to take two or three months off due to health.

An emergency fund is there for the emergency and it's for the thing that you can't plan for.

But when you need it, my goodness, it is amazing.

It is the bet you do not want to win.

Yes.

So important.

The world has changed.

The world has changed and Ireland has changed.

When I was growing up,

it was very normal for our parents and our parents' generation and pretty much every generation before that, that you hit a certain point, you got married relatively young compared to now, and you had a job for life.

And generally that job gave you a pension of some form, whether it was public or private sector.

And you stayed doing that job and you took the pay rises that were going, but you could, like life was more affordable overall.

Yes, mortgages were like

16, 18% at one stage, but you could get a mortgage and house prices were much lower and all that kind of thing.

And life didn't have as many things.