New Delhi, March 24 -- Several surveys over the years have consistently shown that a significant portion of Indians don't have an emergency fund. This lack of financial knowledge and contingency funds has resulted in most remaining vulnerable to financial difficulties such as medical emergencies, sudden layoffs and unexpected expenses.

One such survey, conducted recently by Finology Ventures, found that 75 per cent of Indians lack proper planning and emergency funds, exposing them to financial challenges and debt in later life.

Warren Buffett has correctly underscored the importance of savings. "Do not save what is left after spending, but spend what is left after saving," the billionaire investor stated. This again establishes the impo...