"Paying yourself first" is a core element of a sound financial strategy. What is the primary reason why everyone should have a savings account?

A) to build their net worth
B) to improve their credit score
C) to manage financial emergencies
D) to achieve long-term goals
E) to balance their income statement

Answer: C
Explanation: C) Savings can help people survive personal financial crises such as losing a job or getting a long illness.