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Why the Chinese are brilliant at saving money?

Why the Chinese are brilliant at saving money?

Many Chinese people describe themselves as diligent and thrifty. Some believe it’s the Chinese value, with being frugal a good approach to life, while others say it’s an immanence of the past. The simple truth is the Chinese are brilliant at saving money.

Chinese are brilliant at saving money
Chinese are brilliant at saving money

When Chinese people get together, they don’t spend too much, and this is also part of their tradition, the purpose of dancing is to ensure a healthy lifestyle.

In recent years, China’s gross savings rate has kept high nearly fifty percent. People prefer saving half of their income for future use, like buying a house, raising a child, or paying for medical services. For many, this strict saving habit is almost like a tradition.

Money means everything for the people in China

They are among the world’s greatest spenders, yet they are also known for their frugal ways.

Children in China are frequently taught to conserve money. In fact, it’s not uncommon to see Chinese infants with their own piggy banks in which to deposit their cash. This is because the Chinese consider saving money to be a noble activity that should be fostered from an early age.

Chinese youngsters receive monetary gifts in red envelopes on New Year’s Day and birthdays, which they save.

The red envelope containing “lucky money” (“Hong bao” in Mandarin) is an iconic emblem of Chinese New Year and a method to develop and reinforce ties among family and friends at the start of a new year.

Red envelopes are also said to be the finest wedding and other special occasion gifts since the receiver may do anything they want with the money.

Children are brainwashed into this money-centric society at a young age through rituals such as “Hong bao” gifting. Money has become institutionalized as a source of love.

Money is everywhere in Chinese culture and society.

For example, the Chinese feel that a wealthy individual is a superior marriage candidate. Arranged marriages are still frequent in China, particularly among wealthy families. To be regarded as a viable candidate for marriage, you must be financially secure, and the more money you have, the better your chances.

That is why a bouquet of crisp banknotes is seen as a suitable gift for a girlfriend. Such a gift is far more practical than conventional flowers, and it increases the likelihood of a successful proposal substantially.

But why?

To begin with, social standing is highly valued in China. Indeed, polls show that they are the most materialistic people on the globe. Many of them believe that having a lot of money and signature items makes them look more exceptional to those who don’t. They buy items not just for themselves, but also to show that they can.

Second, civilizations or individuals that have suffered substantial difficulty are known to value money more than others. It’s an understandable survival tactic.

Millions of people perished from starvation as a result of the cynically named Cultural Revolution. Millions were displaced.

When a society built on thousands of years of Confucian thinking was turned on its head, people lost everything.

When you look at China’s turbulent past, it all starts to make sense. Money is a form of security. You are safer if you have more money.

Check out more money saving methods from around the world.

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