You have to think if there realistically is a chance someone might crack it. If you want to be safe, the longer (and more complex) the password, the better. But of course you also have to be able to remember it.
Check the section 'Guidelines for strong passwords' from this
Wikipedia article on password strength.
In most cases it does not matter much how long the user password is, as long as there is one in the first place. But using encrypted volumes changes this a bit. The user password is also by default the password for the local keychain, and if you store the encryption keys there, the safety of the whole encryption rests on the weak user password.