Gen Z In China: From Revenge Spending To Revenge Saving | Money Mind | Gen Z

21-year-old Lia was once a revenge spender. But today, her priority is saving hard to set up her own business. How is she revenge saving her way to her half million milestone?

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#CNA #MoneyMindCNA #China #Finance #GenZ #Savings

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[zendude]

When you live at home and live off your parents, not paying any rent or mortgage, not having any food or utility expenses, it’s easy to save 90% of your income!

[mpdmpd]

revenge saving is good habit..better than homeless when you old

[TommieeFx]

Her monthly income is 7k USD WOW thats a lot for china

[Strawberrycake]

She is spending over 700 USD per month on discretionary goods. Her parents are paying for her necessities (food, utilities, etc.). At 8:15 she actually says "I can't still live off my parents" (literally, "I can't still eat my parent's [food] and drink my parent's [water]"). Outside of east Asian countries, college students are typically expected to pay for their own expenses and work part time jobs, so it's not possible to save 90% of their income.
While admirable that she understands the importance of saving at her age, she is still spending over 700USD/month on discretionary goods in a country where you can get boba for 1USD. 😐

[kitsand]

High income person saves alot of money. Is anyone surprised?

[mosqutio]

Love to learn more genZ aggressively saving and investing. In my 20s, I was also able to save 50-99% of my income into investments, allowing me to achieve financial freedom in my mid-30s.

[KeepinItRealAllDay]

Saving and having an emergency fund is a very normal practice. It’s hilarious that this video is portraying it as such a game changing new trend 😂

[todayinmalaysia]

Good for her! Though USD7k is a lot as 10% of what she earn a month could be 100% of what an average person earn elsewhere.

[Geekandsneaks]

7k per month? Or 84k per year?!
That’s more than most people make here in Australia. While definitely the cost of living is cheaper I assume

[AMAZINGGUY]

The economist in this video was extremely vague about why people are saving so much, citing post covid economic instability. While this is true, I wanted to shed a bit more light as to why it's happening. It's important to note that this young woman, along with everyone else in china, had just witnessed the housing market completely implode. Real estate used to be the de facto standard of investment, where families would scramble to put together their entire life savings to buy a house. They would even go as far as to "pre order" still in construction units as an investment. However, construction companies would use the money from the latest pre order and use it to finance the construction of the previous pre order. Unsurprisingly this ponzi scheme came crashing down and now one financial meltdown later, we have this "revenge saving" thing...

When the government controls the stock market and the housing market is in shambles causing a national economic downturn, it makes sense people with money are choosing to just simply hold on to it.

[addanametocontinue]

If you make a ridiculous amount of money and have little in terms of expenses, you can save 90% of it, too! For most people who have to pay rent, saving 90% of your income is pretty impossible. If your rent is $1, 000/mo, that means you need to make significantly more than $120, 000/yr, since you still need food, fuel, insurance, etc. $120, 000/yr is more than most people will ever make in a year; it puts you pretty high in the income bracket.

[gshepherd]

I will save 90% too by living in a box. screw property tax and rent.

[VinhNguyen-dvzr]

I got a friend from Sichuan, and she work and live in Shanghai. She got properly job in a big company. Her monthly income is $1500 😂 are you sure that this persone in avarage person in China?

[gavinlew]

TRUTH. If no-one spends on anything. Economy goes into depression.

[joebloggs]

I'm a homeless man from Australia, and two years ago I gave up on paying rent and now saved $34, 000 toward buying my own land. No help from anyone else, nobody has even asked if I'm doing ok.

[lexluong]

She's a gem. Thinking and acting for her future.

[erickosinuhaji]

A typical misleading title and content. This should focus on how to achieve that level income for young people rather than saving. With that kind level of income + still staying with rich parents, it only needs modest life to spend that 10%. Nothing too special.

[keanuarcadio]

She is not making 40, 000 from gaming. That's bullshit.

[markdeguzman]

Where does she keep her savings? Is it safe from the CCP? I heard some people cannot withdraw their own money from the banks and cannot enjoy the fruits of their own hard labor. I hope her efforts or sacrifices to live frugally will not be wasted in the end.

[danielc]

It's not 'revenge saving', it's just saving/investing. Wasn't that what everyone was screaming at Gen Z and Millennials to do? "Ugh, this younger generation is so spendthrift, why can't they spend less and save more?" FFS, you really can't win with these people.