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

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!

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

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. 😐

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

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

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.

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 😂

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.

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.

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.

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

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.

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

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

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

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?

She doesn't need to support anyone so it is similar for her. And her parents are well solvent too.

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.

it's good if gen z in China learns how to save money like their parents do. saving for better future is very important😊

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.

Saving like a lunatic has a ripple effect at the end. The power of compounding.

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

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.

I'm not joking; China is an advanced country. The government is just too humble to admit it.

If SO can save 90% of your income than they must live with their parents and dont pay for any other kind of expenses. In that case, 90% is possible

If "China" is in the video title, you know lastChang will make a comment.

RMB 50.000 is quiet a lot

Is she a big shot gaming influencer ? making that much money from just "playing" games, especially at this day and age where competition is fierce in that industry, and in China. Sounds a bit fishy to me.

没有那么重要！ well said there at the end. All the luxury goods aren’t as important as her preferred lifestyle.

ITS HARD FOR ME TO WRAP MY MIND AROUND ALL THIS CHINA HATE. AS A BUSINESSMAN WHO WAS ONCE HOMELESS IN AMAERICA AND TODAY A SUCCESSFUL BUSINESSMAN TWENTY YEARS LATE, IT WAS HELL WORKING 76 HOURS A WEEK BUT IT PAID OFF. ALL I AM SAYING, CHINA'S SUCCESS WAS AND IS NOT AN ACCIDENT OR LUCK BUT HARD WORK AND A VERY EFFECTIVE AND COMPETENT GOVERNMENT.

It's good to save of course but the CCP can still take everything you have simply by locking your bank account, or just issuing a decree and withdrawing whatever they want, or they can do the more subtle approach of printing money, which devalues the currency and transfers the wealth from you to them.

Saving what you've earned is good. The real challenge is balancing Saving what you earned mood and living mood. Hope you work at a place that you feel your loyalty towards, because the other side of it is working mundanely just for sake of employment.

This isn't ground breaking when you are dependant on mommy and daddy. Show me someone paying real bills and perhaps I'll take a listen.

why would you make a report of a 'rich' girl giving saving advice? Ridiculous :D

Great tips!!

6:11 notes for myself

I agree I went from going to Starbucks to making my own drinks. Real uggs to knock offs from SHEIN.

Just waste my time to see this ads. This girl cannot represent China gen Z.

This shows how much better women are at saving money than men!

1. no child porn 2. no sex with minors 3. no illegal drugs and 4. no illegal firearms in any nation or 5. violence against women or children.

we went a full circle

She's great

So you're talking about a whole generation and then use an influencer as an example?

life's good as a moderately attractive female. just be a gaming streamer and watch the money roll in.

FIRE is spreading! woo woo

how can I get a job over there?

If Saving=90%=9000 USD(Yearly) Loan(30 Year)=250%=9000USD*30 Year Loan(30 Year)=250%=270,000 USD Loan=100%=270,000 USD/250% Loan=100%=108,000 USD Insurance: Payout(30 Year)=1,500,000 USD Premium

The only way that is possible is to make a substantial amount of money and live a very frugal life or she is living on someone.

who said playing video game is futureless ? look at this girl

that's atually very smart. good for her

What's a gaming center? A gaming dev company or something else?

Revenge spending to revenge saveing

She does not have to worry. Her parents will buy her a house & food. The only thing she has to do is saving all her earnings.

It is indeed a bitter pill for many elderly Singaporeans who had stood by the country patriotically during their younger days to be hearing that Temasek’s portfolio has grown from S$90 billion to S$300 billion under the leadership of Ho Ching when the majority of their CPF saving had remain stagnant, barely struggling to stay capital-positive after adjusting for inflation.

This is rich person, her 10% is equal to 100% normal people. BS interview

From one extreme to the other.

Well that was a waste of time to watch ha

0.1% gaming host in Tiktok Has her income

You are using an example from someone who earns in the top 5%, not a realistic example of a gen z in China

我建議你把人民幣 換成港幣 或者美金來存錢 叫他如果你想花錢的話就會製造一個障礙了

There's also a huge problem with putting money into Chinese banks. They will accept deposits but refuse to allow withdrawals. There are no guarantees or trustworthy oversight for Chinese banks which is extremely scary. There are "laws" but is either not enforced or interpreted however the CCP wants.

Haha…. Really so many Sohais in China like supporting such influencers…..

ฉันก็เป็นเหมือนกัน

Nice Propaganda xD

你们能多采访点普通人吗？她一点代表性都没有。

Gaming influencer 😅😅😅 what kind of job is that ???

👍

When the politically connected elites got to enjoy the Swiss standard of living, supplemented by probably the fattest pay-check of any politician in the world, it is clear that politics has divided Singapore needlessly, and for all the wrong reasons.

Examples of "Socialism with Chinese characteristics": - young people with no job, - Zero Covid and endless lockdowns, - banks with no money, - cities for no one, *- trains for no riders,* - warships with no sailors and - highways to nowhere.

Who cares ?

Congrats to the Taiwanese 🇹🇼 who are enjoying freedom and prosperity - while 1.4 billion Chinese have no rights to speech, and half are still under poverty, without clean water or toilets. - Chinese people want to be Taiwanese.

She's doing well for her age for now. She might become a leftover women eventually though as she will no doubt be looking for a guy that is better in her every way.

Revenge save? It s a very silly expression. The Chinese are good with saving, has always been. May be many were born in good time developing a spending habit, a lot of them now experiencing a leaner time so they go back to their old habits. No thing to see here. As a side note, for anyone who hope for a China economic collapse , don't hold your breath. They study longer, workers, and save more you will be collapsed way before they do.

1. no child porn 2. no sex with minors 3. no illegal drugs and 4. no illegal firearms in any nation or 5. violence against women or children.