Yes, poor do understand importance of savings for lean times and that is the reason why poor keep their monies as a deposit with money keepers in rural and informal urban areas in countries like Bangladesh and India (Collins,Morduch, et.al Portfolios of the Poor, 2009). They are wise enough to devise the informal savings instruments like chit funds (in rural Andhra Pradesh state of India).
But what makes the difference is the institutional framework of micro banking which entails other developmental ripple effects. what masses at bottom of the pyramid lack today is not understanding of the importance of financial transactions but the awareness about available the micro banking instruments and access to these instruments and the basic financial literacy exposes masses to this very dimension of financial inclusion. How far the efforts of financial literacy evangelists will go in India will be determined largely by the ability of these evangelists to share success stories with my skeptical friends.
Your comments awaited!