Gerry Barrasso CPA, CFP®, PFS Quoted in Fortune

In a recent Fortune article exploring the rise of "doomspending"—a trend where consumers spend impulsively under the weight of political and economic uncertainty—experts weighed in on the challenges of building an emergency fund. Among them was Gerry Barrasso, CPA, CFP®, president of United Financial Planning Group.

Doomspending and the Savings Shortfall

The Fortune piece highlights a concerning finding: nearly half of Gen Z respondents (47%) reported having no emergency fund at all. Experts attribute this to economic setbacks, political turmoil, and an overwhelming deluge of social media messaging that leaves many feeling powerless or unmotivated to save.

Gerry Barrasso's Key Takeaway: Liquidity Matters

"Emergency funds need to be liquid, or there really is no point. You need to be able to access the money immediately."

Barrasso cautions that while certificates of deposit (CDs) and other interest-bearing accounts may currently offer attractive yields, tying your emergency money up in less-accessible vehicles can defeat the purpose of having funds on hand for emergencies. If you can't access your cash quickly without penalties or delays, it won't do you much good when a real crisis hits.

Conclusion

Gerry Barrasso's quote in Fortune serves as a timely reminder for savers in every generation: an emergency fund is only as useful as it is accessible. With economic headwinds and political uncertainty likely to linger, prioritizing a liquid, well-funded emergency account can offer peace of mind and financial stability.

At United Financial Planning Group, we understand that every individual's circumstances are unique, and we tailor our financial planning advice to fit your specific goals and challenges. Whether you're just starting your emergency fund or seeking ways to optimize an existing one, our team is here to guide you.

Read the full Fortune article here.