She has $750K saved for retirement and no debt — so why does $35.5K in emergency savings still feel insufficient?

But for Jenn, that sense of security has not quite caught up to her reality.

For the longest time, the couple kept their emergency fund at a comfy $20,000. It felt like “enough.” Then, over time — and without any single financial disaster prompting it — that number started to creep upward. First to $25,000. Then $30,000. More recently, $35,500. Now, the next milestone in Jenn’s mind is $40,000.

Her husband, on the other hand, doesn’t see the need. He argues that, with their retirement savings on track and no debt, their financial cushion is already more than sufficient. In his view, extra cash should be enjoyed in the present or put towards investments — not endlessly parked in savings “just in case.”

They don’t have kids, which, in theory, should simplify the equation. But instead of clarity, Jenn finds herself wondering: if they’re this financially stable, why does it still not feel like enough?

When is it ‘enough?’

Jenn’s not alone in asking that question — even if, on paper, her situation would feel solid to most people. That gap between “we’re fine” and “I feel fine” is really what’s driving the tension.

“I see this phenomenon all the time in my practice,” Lindsay Bryan-Podvin, a financial therapist, told Moneywise in an interview. “There are an infinite number of reasons why there’s a gap between the reality of having enough financially and what it takes for someone to feel emotionally secure with their finances.”

She adds that this sense of assurance with money often isn’t purely logical and can be shaped by upbringing, culture and past financial experiences.

The data reflects this. According to the FP Canada 2025 Financial Stress Index — a national survey of more than 2,000 Canadians — money is the top source of stress for 43% of Canadians, far exceeding health (21%), relationships (17%) and work (15%).

Meanwhile, a Scotiabank analysis of Government of Canada survey data found that 55% of Canadians had an emergency fund that could cover three months of expenses in 2024 — however, that figure is down from 64% in 2019.

What Jenn is experiencing is what some experts refer to as “goalpost moving” — when the idea of “enough” keeps shifting, even after you’ve already hit your original target. An emergency fund is supposed to be simple: money set aside for job loss, medical bills and other unexpected expenses. But for some people, it doesn’t stay that clean.

“Psychologically, it is often fear or anxiety that drives oversaving,” Bryan-Podvin explains. “Practically and emotionally speaking, it’s hard to shift from saving to redirecting those funds elsewhere — whether that means spending money or investing in something else.”

In other words, even after reaching a savings goal, it can feel difficult to reassign that money elsewhere without a sense of losing security. There’s also cognitive bias at play. Losses tend to feel heavier than gains feel good — so even when the numbers are solid, it’s easy for the mind to drift toward what could go wrong instead of what’s already working.

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When partners don’t agree

When partners don’t line up on risk, it shows up fast. One person sees a $30,000-plus cushion and thinks it’s plenty. The other wants more breathing room. Neither is really wrong — they’re just not working from the same sense of what “safe” feels like.

As Bryan-Podvin explains, that tension often comes down to how each partner defines “financial safety.” One might feel secure with a larger, year-long cash buffer, while the other feels comfortable after reaching something closer to a six-month emergency fund and direct any additional money toward investing — in a Tax-Free Savings Account (TFSA), for example, or a diversified portfolio of exchange-traded funds (ETFs).

“Finding a happy middle usually means a collaboration,” she adds. “Collaboration is a win-win, whereas compromise is a win-lose.”

Bryan-Podvin suggests that couples benefit from explicitly defining what “enough” and “financial safety” mean to each person before deciding how to allocate savings. A written plan — even a simple one — can help both partners feel heard and prevent the goalposts from shifting indefinitely.

Are you oversaving?

At some point, the question stops being just about protection and starts becoming about trade-offs.