I would say people should strive to have 9 mos to a year in cash on hand. Cookie cutter conventional wisdom was 3 mos to 6 mos before the SHTF. I remember some lively threads were it was suggested people didn’t need cash savings. Just tap your home equity or raid your 401K..
If I may
Keeping 3 to 6 moths of cash might have been a good idea a few years back (we tell folks 2 months) given the loss of value of the dollar.
Getting out of debt - or better yet, never geting into the hole in the first place, is likely the best “investment’ most folks can make.
OTOH, personal finance is just that. When we busted a gut to be debt free in 1980, it was hard. We have stayed that way ever since with the exception of a home purchase. Even that was paid off in 14 years.
Now, we pay cash, save for major purchaces and use the credit card to get airline miles (we live in AK) to use on visits.
The lack of worry, of course, is priceless.
I am very fortunate to have a wife with the same mindset - we will do without rather than go into debt.