A survey by Finology reveals that 75% of Indians lack emergency funds, putting them at risk of defaulting on loan EMIs in case of sudden expenses or job loss. The study suggests building an emergency fund, ideally three to six times one’s monthly income. To achieve this, it may take 15 to 41 months, depending on the desired fund size. The article discusses options like fixed deposits or liquid funds for emergency savings, emphasizing the need to cover basics like an emergency fund, term life insurance, and health insurance before venturing into other investments.