#41 Do Chinese young people still like saving money? 中国年轻人还爱存钱吗?

Podcast Transcript

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Hello everyone. Welcome back to MaoMi Chinese!

A few days ago, I and my friends are discussing whether we save money or not, and how much money we should save every month. If it’s my parents, they wouldn’t have these questions, because too many elderly Chinese people, saving money is necessary. People may have a stereotype that Chinese people like saving money. In fact, this might not be right. Today, let’s talk about why.

In 2018, a survey showed that in China 56% of people who were younger than 35 had no savings. In 2020, another report showed that among Chinese young people who were younger than 30, the annual average saving was 67450 yuan, which was roughly 10300 dollars and 7500 pounds. In 31 provinces in China, young people in Beijing and Shanghai had the most savings. They had about 100,000 yuan saving every year. However, there were also 11 provinces where young people have less than 30,000 yuan saving annually and there were 25 provinces where young people had less than 50,000 yuan saving annually.

Why some Chinese young people don’t save now? I think, here are the 2 main reasons. Firstly, some young people like consuming. Buying things and spending money makes them feel happier. Some Chinese young people think that we only have 1 life, so buy whatever we want. Secondly, some young people have lower income, or their rent are very expensive, so they have no way to save money. In some small Chinese cities, most people’s salaries are less than 10,000/month, and many people only have 2 or 3 thousand.

I asked a few of my friends. Some of them are fans of saving money, some of them are not. Let’s listen to their ideas.

‘I am a senior fan of saving money. Each month the rent is about 28% of my income. 40% to 45% of my income is for fixed savings. My best happiness is to turn on my mobile phone and see my savings steadily increasing every month.’

My friend should represent young people who like saving. She saves 40% to 45% of her monthly income in the bank, which is fixed. She likes to see her saving growing steadily.

‘I don’t save money. It’s not because I don’t want to save. It’s because I don’t have money to save. My income is quite impressive, but every month I need to pay pretty expensive rent. Meanwhile, I borrowed some money from my older brother last year for my postgraduate diploma and therefore, I need to pay it back this year. So I don’t have money to save.’

This friend does not have money to save now, because he has to pay expensive rent. Also, he has to pay back money every month.

Actually, everyone has a different lifestyle. It’s great as long as we find our most comfortable lifestyles. So how about you? Are you a fan of saving or not? Welcome to leave your comments on our website!

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