"The act of savings is fundamentally about understanding that your future self - the person you're saving for - is in some sense equivalent to your present self, " Prof Chen told the BBC's Business Daily.

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The self-insurance against financial fragility is part of a more general bent towards precautionary saving in the developing world.

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Saving and self-sufficiency are the mantras of the day.

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The self-made wealthy are too busy trying to earn more money to worry about saving their pennies.

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Home prices rose about 8% in 2012, which can contribute to a self-reinforcing circle of coaxing hesitant buyers off the sidelines while improving household balance sheets and creating cash-saving refinancing opportunities.

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