What if your car breaks down, you lose your job, or face an unexpected bill?
Putting money aside for emergency or unexpected costs isn't easy, and it's a challenge for people in many countries in the world. If you are one of them then an emergency or unexpected cost can tip you into financial hardship.
Being prepared for the unexpected, rather than dealing with it only when it arises, is key to your financial wellbeing. Estimates vary throughout the world, but experts recommend building up enough savings to cover at least 3 months of essential outgoings, in case of emergency.
According to World Bank figures, China had a savings rate of 47% in 2017 – calculated as a percentage of gross domestic product (GDP) - and is ranked third among the 170 countries monitored.