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2018-02-12 | 分类:生活 | 评论:12人

Why do people living in the west have much lower savings rates than the Chinese?



Tom McGregor, Editor/Commentator at CCTV.com (2015-present)
Answered Wed
As an American, I can speak from personal experiences to answer the questions here. As a child, I grew up in a family where we were encouraged to save money and not spoiled so that if we wanted to purchase something dear to our hearts, we had to earn the money ourselves to buy it.
As a saver, you are required to boost your willpower, maintain self-discipline and remain patient when finding yourself in a shopping mood. These are good personal traits to have and I encourage all others to make efforts to act in a similar manner.




Nonetheless, for a few years after graduating from college, I diverted from my good habits on saving and transformed into an overspender, racking up debts. Numerous factors were at play for my behavior but we should still take responsibility for our actions, regardless of circumstances.
So let’s flash forward to my arrival in Beijing in Oct. 2010, when I still had shown a reluctance to save money, but since I had more control over my finances, I was more careful about how I spent my money.



After I met my future wife, Zhou Yawei, a Chinese native, she offered to help me with saving money. At first, I was reluctant since her plans involved taking control of my ATM card and just providing me with an allowance for each month, which is a Chinese custom. But she pledged to save the money and alert me on any added purchases on her part.
It was not easy for the first few months to stay so careful on my spending habits, but after reviewing my bank statements, three months later, I discovered we had much more money in the bank.

遇见未婚妻中国人周雅薇(Zhou Yawei)后,她主动帮我省钱。一开始,我不乐意,她要收我的卡,只给我每个月的零花钱,这是中国人的习惯。她发誓要把钱省下来。


And just like any regular American, who discovers access to extra money, I wanted to go on a spending spree to celebrate, but Zhou Yawei had prevented me from doing so, warning that anything bad could happen in the future, so it’s better to keep the money in the savings account.
She was proven right in the years ahead. While living in China I had enjoyed many moments of career highs, but also career lows. In some places I was hired and earned higher than expected salary, but at other times I had lost jobs and at one point I was unemployed for a nearly 8 months.



Fortunately, I moved on to bigger and better things even after some scary sufferings, but in China you never know if the next day is your dooms day. It can be frightening at times, but let’s be honest: life is not fair.

Many Chinese have similar attitudes about life and hence they recognize the enormous value of saving money for a rainy day. Meanwhile, it makes them more hard working and determined to succeed in life.




They tend to be more risk-averse by nature, but as I reflect on my most foolish mistakes in life, I realized that I had taken too many risks and so when failures had struck me, it seemed like a forgone conclusion.
Additionally, the credit craze has not yet taken a hold of Chinese society. Yes, more and more Chinese are using credit cards, but they are smart enough to treat them like bank debit cards and rarely go over the limit on monthly spending.




WeChat Pay and AliPay are popular for Chinese consumers so they can make purchases on their smartphones, but you have to put money in the e-accounts before you can buy anything, so there’s no imminent danger of going into debt.
So, it’s my opinion that one of the strengths of China’s economy relies on the Chinese mentality to work hard and save money. If the domestic economy places too much emphasis on consumption to spur economic growth that may lead to short-term benefits and long-term consequences.
Saving for the future is better than satisfying your shopping spree whims today and going into debt tomorrow.






Paul Denlinger, Have lived in China, Taiwan and Hong Kong; fluent in Mandarin (written, spoken)
Answered May 5, 2017
Because Americans worship at the altar of individualism, and believe that everything about individualism must have come from the Big Man in the Sky himself.



Let’s take a comparison:
Most Americans believe that they need to own their own home, so they take out a mortgage for each generation of Americans. This means that the debt load on each generation is at least one home mortgage. Compare this to the Chinese mentioned in my answer, where two generations are effectively paying one home mortgage where three generations live under one roof.
Daycare. Americans pay for daycare, while Chinese keep that money within their own family because the grandparents take care of the grandchild in return for cooking, shopping and other routine household duties.




In the US, healthcare is treated as an expense instead of a human right, which means that insurance companies and big pharma corporations are free to rape needy Americans on a regular basis. (If you are rich, then it’s not your problem because you will have no trouble getting insurance.) This is why Americans have the shortest life expectancy among developed nations.

Of course, the banks are happy to see Americans go heavily into debt as long as they can pay back their loans.
The Chinese prefer to keep the savings at the family level.
Who’s smart? Who’s dumb?





Gabriel Chan, Overseas Chinese(華僑)
Answered May 5, 2017
I think Mainland Chinese and people in most developing nations have higher savings rates because social security nets are unreliable, with the exception of US-Americans for having very low savings and no safety nets. However, the global economy salutes the irrationality of the USA. As long as US consumers keep spending, the world economy does well.