He noted that this fund, also known as a financial "safety cushion," should be sufficient to cover expenses for at least three months, and preferably six. Such savings are necessary to protect against unexpected situations, such as job loss, health issues, or changes in income sources.
According to Musuraliev, research shows that only 15% of the population has savings for six months, 32% have a reserve for just one month, and 18% have funds sufficient for less than a week. Therefore, creating a financial safety cushion should be a priority for citizens.
He advised considering the use of deposit instruments, including financial products that comply with Islamic principles.
“This will help minimize impulsive spending and provide an opportunity to earn additional income,” he added.
The representative of the National Bank also noted that effective personal finance management includes proper budget planning, setting financial goals, and regular savings immediately after receiving income.
