The amount of savings a person needs is highly dependent upon how much he earns and spends, and going back further how much a person earns and spends is very much dependent upon his education qualification and judgement of what is enough.

Chris Farrell, author of "Your Money Ratios" has some rule of thumb regarding how much capital a person should have at their respective age. The way he did this is through a ratio of the Capital to Income (CIR) which means this could technically applies to everyone.