For most Americans, having at least $500000 makes them feel financially secure, according to a new survey by wealth management service Personal Capital.

When asked how much money they need to save to keep their finances healthy, the average figure given by Americans is $516433. 20 per cent of them said they needed more than $1 million to feel secure.

While answers vary, most people say that having $500000 in the bank is enough to cover bills and expenses, as well as future needs, including some retirement savings, without having to worry, the report found.

"$500000 is already a lot of money for the average American working class," says Dave Totah, a registered financial planner and senior wealth adviser at Exencial Wealth Advisors.

Generally speaking, personal finance experts recommend that you have three to six months or more of living expenses on hand for a rainy day. There are some simple rules of thumb about retirement, such as saving 10 times your income at retirement age.

For many people, the epidemic is a financial wake-up call, prompting them to rethink how to plan their future. In spite of this, it is difficult for most people to save enough money to make a comfortable cash buffer.

The economic impact of the COVID-19 pandemic forced Americans to make difficult financial choices. Before the epidemic, a Fed report found that 40 per cent of Americans could not afford $400 in unexpected expenses. According to a survey released in January by Bankrate.com, a wealth management website, only 39 per cent of people were able to pay $1000 in emergency expenses from their savings.

The Bankrate survey also found that more than half (51%) of Americans have emergency funds that last less than three months, only 19% have enough money to cover three to five months, and 25 percent have enough money to cover six months or more. Only 17% of adults say they now have more emergency savings than they did before the outbreak.