China's Ticking Pension Time Bomb: When Young People Give Up On Saving For Retirement | Money Mind

China is facing a pensions time bomb, with warnings that the state pension fund will run out of money by 2035. But just when China needs its workers to work longer and save more, some young Chinese are doing the very opposite.
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[@ikechukwuokafor2128]

Leah should get a smaller apartment or a housemate and thank me later. Peace

[@kleec495]

Or move to outskirt of Shanghai. She will still be able to find piano students there as many Universities are located in outskirt areas. It's all about budgeting plan.

[@Hitexh-h8d]

Agree. That 10k income is already a lot.

[@inezamy9523]

I agree

[@cs2007new]

Yeah I agree. 8.8k kn rent you basically have no life to enjoy

[@JerryJ84]

If she has a boyfriend consider moving in together. That would cut the rent in half. If they go 50/50.

[@taikoboda]

One point you guys failed to touch is that if young people stops paying for state pension, old people is going to be left out to dry. What young people is paying today goes to the retirees of today. It's a stupid system that is going to explode in everyone's face.

[@kkcc553]

Local care shield /medishield concept also similar 😢

[@taikoboda]

@@kkcc553 A side note, my aunt just retired this year, she gets about 1600 USD per month, while her daughter only managed to earn half that per month, and she was fired and she has been medically diagnosed with depression. Good side is that her mum is loaded because of the pension so she can just stay at home and live off of her mum. What a fking society

[@lalatubby4836]

what you said is what is happening in the west 😒😒

[@taikoboda]

@@lalatubby4836 Typical whataboutism. Pointless argument. But I'll entertain myself a little bit by saying this: first west is not a country, Germany, Norway, and U.S. all have vastly different social structure, conflating them into "west" just signifies that you don't really know the "west". Besides if you have lived on both sides, you'd realize a lot of the times when U.S. (let's take U.S. for example instead of talking about the "west") and China both have a societal problem, China dials it up to 10, or even 100, it's not really a comparison. Of course it doesn't apply for everything, and your mileage may vary depending on which state you live in, and what specific problem you are talking about. Just some food for thoughts, if you disagree, I don't care, you live in your little pocket of world, and I have mine. One of our bubbles is gonna pop, let's wait a few decades and see whose it is.

[@kcchiew4247]

Deng Leah house rental is too high.😑

[@gotmyonu1027]

She values prestige more... So why is she complaining.

[@StantonRich]

88% of your salary going to rent?

[@kiwifruitkl]

The woman works as a piano teacher and a dancer. Those are also low-paying jobs in the US. If a person is in the arts, then yes, the person will be a starving artist unless that person is lucky enough to strike it rich in the arts. Most people in the arts don't make it rich though.

[@MinhHoang-fi6wk]

a quick mention about the piano teacher case, she mentioned about the sidejob being a night club dancer with a relatively cheap salary, but in reality no one works for a night club only expecting base salary, the real money comes from the commission for bringing in people and those customers buying drinks etc. She obviously has more hidden incoming, thats why she could live in such an expensive apartment

[@itsdavidlo]

This is the CCPs version of winning at life. 😂

[@xxxcool2565]

I think its the same in USA

[@TomNook.]

@@xxxcool2565 Its the same in every country with rising costs and an ageing population. But the hawks will say its obviously a Chinese thing....

[@Alex-o1u2g]

Mate, u r another failure for the society

[@Brightly1122]

This nothing new, its a problem that happening other countries too, even in Singapore too the youngs spent what they earned. The olds work till dead

[@TomNook.]

It's a common theme across the world for any country with a population below replacement level. Rising living costs, squeezed salaries vs inflation, means workers cannot save for medium term things for family or a house, let alone long term things like a pension.

[@masha22092000r]

I feel for her but: 1. She graduated with a degree that is borderline useless in most countries (unless you are super lucky/well-connected to become famous). 2. Lives in a super-expensive area (Shanghai) and doesn't have a roommate to share the burden. 3. She would fair better by finding job in fields that struggle to attract workers but don't require a degree - like manufacturing. There are lots of jobs for women in factories in places like quality control. Not dirty, pays better than music. But not Instagram-friendly.

[@DanielHYNg]

Leah needs to recalculate and restructure all her expenses and income in order to start saving. She needs to build a saving habit from now. As little as USD 1, it doesn't matter but having a good habit will take her far. The effect is compounding.

[@fumanchu9701]

Leah is living for today. Good stuff. In China everyone was required to have the jab. She may not get to retirement.

[@lastChang]

China 🇨🇳 has been a money-printing machine on overdrive. During the years 1990-2021, the US printed 6.5 times more money while China printed 147 times. - It has printed more money than the US and Japan combined, while its economy is only half of them. - Current Chinese debt-to-gdp is already *highest in the world, at 300%,* according to Bloomberg. - With stimulus and measures, China's debt will be at 400% to 500% of its GDP in the next decade, according to Reuters.

[@TomNook.]

this really is a full time job for you, huh

[@xxxcool2565]

China is doubling down on the game that America started when it created fiat money and move away from the gold std. Can't blame others for beating the US at a game the US invented themselves

[@nobodysfool-c7y]

Ah..you again.

[@psylak-py9qv]

doesn't make sense. How could she survive on just 1200 RMB per month? It's not even enough for basics like food, transport, phone bills, or upkeeping her cat :)

[@ArabicReja973]

Chinese 🇨🇳 property sector, which accounts for 30% of GDP, is crashing. - Exports and imports, accounting for 37% GDP, are down. - Foreign investment (FDI) is falling over 90%, lowest in 3 decades. - Foreign visitors are down 96% compared to the pre-pandemic level in 2019. - Consumer prices are experiencing deflation. - Youth unemployment hits over 21%, a record. - Its fast-shrinking workforce is 10 years older than neighboring countries. *Still, China keeps reporting outrageous GDP numbers.* Lol Where does the growth come from?

[@conti-vl6tx]

In 2022, real estate in China has dragged it GDP down by 3.7%, but the rise of other sectors like green economy and digital economy have more then fully offsetting the negative contribution by the real estate sector, and this is 1 reason why China's ecnomony isn't collapsing yet. With the country's property sector recovering, China will have a good economic growth prospect in coming years.

[@Kevin-fq3zh]

@@conti-vl6tx your “official” unemployment rate stands at 17% as of last month.

[@Rydewest]

@@Kevin-fq3zh another full time worker to spread fake China data.

[@RetireearlyNYC]

Poor reporting. How do these 2 ladies’ situations cause a ticking pension time bomb? Leah made some really stupid decisions. Músic degree to start. And then moving to downtown Shanghai. Ms Fan was able to have a car and still save for retirement even though she worked part time. And Leah said that she’s not thinking about retirement bc she’s young. Are all young people this ignorant? I don’t think so. 2 stories, 1 good and 1 bad, don’t equate to a ticking time bomb

[@happymelon7129]

More important questions, what is the % ? This video sinister to generalize all young. How it is a bomb when % is low, or isolate cases.

[@happymelon7129]

more like a propaganda

[@CYBERBUNS]

Then don't rent that high if you can't afford it.

[@Bubba-q2b]

She should become a full-time dancer.

[@localguy123]

Just dont have children. Dont add meat to the meatgrinder

[@timehathtcg]

that... night club thing was suprising ish

[@MasterLeong888]

she should share the apartment to half her rent cost gg

[@dyrectory_com]

You can select the subject to create a narrative. Eg choosing someone who lives in one of the most expensive cities and chooses to teach private piano lessons. Someone in NYC doing this will be struggling with finances too. Full time music teacher would be a wiser choice.

[@lokesh303101]

Importance of Superannuation Account.

[@simonlee6151]

chinese version of breaking bad.

[@htmoh8115]

The leader of china should be trying to improve the lives of his people.

[@Kevin-fq3zh]

that was never on his mind

[@JCB671]

So should Trudeau. Nobody here in Canada can afford anything anymore.

[@xxoo-lp6vc]

More important questions, what is the % ? This video sinister to generalize all young

[@happymelon7129]

😆Guess how much this video will make from the 1.6Billion U$ propaganda fund ?

[@phuongha3113]

Regime change will help…

[@asdkotable]

I'm curious as to how much regime change will actually help. Part of the reason why Western companies have left China is because the costs of labour have been growing to the point where they're no longer extracting the massive profits that they used to back when Chinese labour was cheaper. I doubt that will change with a regime change, unless there was a civil war or foreign invasion that completely crippled the economy. Maybe they'll lift some of the tariffs on high tech Chinese goods such as EVs and 5G if the new regime is more Western-friendly?

[@1.4billion65]

Why don't you come to do the regime change?

[@tandavi]

Ms. Why not you come to Malaysia to earn your living??

[@Jackslav]

she looks a lot older than 27

[@gotmyonu1027]

Can tell she doesn't cook much..... probably eating out a lot. No wonder she is taking up 2 jobs

[@kkcc553]

If she is barely sustainable, one needs to ask questions why? It was a choice to move to Shanghai. Around the world there is a strong correlation between family wealth and music qualifications. The fact she can teach music tells us that her family background is not so bad. Maybe she has 3rd job too? Not shown here. From the interview she doesn't seem very desperate as well.

[@Kevin-fq3zh]

so you expect her to be sobbing throughout the interview?

[@kleec495]

She is from a rich family for sure. Can tell from the way she fried the egg. Plus people who desperate for money will choose more practical major with more job opportunities. Dancer job cannot be for long term, perhaps she can only do it for the next 5 years. The 30k job which she dreams of won't come from nowhere, she will need to start grinding from now on. Glamour downtown Shanghai night life is fun while it lasts, but it's never too young to plan for your future.

[@kkcc553]

@@Kevin-fq3zh How did you conjure that inference from my comments?😅

[@kkcc553]

@@kleec495 surely. if you do the math of her cashflow, the math not mathing.

[@thureinoo]

Get a housemate..

[@Littlepunk8964]

Too many young people disappeared because senior officials have bad kidneys, liver fibrosis, eye glaucoma, heart diseasea etc...

[@xxxcool2565]

Still much lss than the number of fentanyl addicts in downtown LA

[@philharrison2991]

WESTERN COLONIALS ARE A TERRORIST ORGANISATIONS. HARBOURING FAR RIGHT NAZI TERRORIST ORGANISATIONS. In order to gain power, Europeans encouraged Africans to fight against each other. New political boundaries caused ethnic groups to clash. This has led to ethnic and political unrest in Africa today. There have been over 50 ethnic conflicts in Africa since WWII as a result of the colonial lines drawn by Europeans. ALL WARS ARE US/COLONIAL PROXY WARS. 1000+ YEARS OF WESTERN COLONIAL WORLDWIDE EXPLOTIVE ATROCITIES. PUPPETS UN AND THE CORRUPTION OF INTERNATIONAL LAW TO BENEFIT WESTERN COLONIALISM In EVERY invaded/conflict/war torn location there are always 1000+ years of Western Colonial Exploitive Corrupt Energy Companies drilling and mining that nation by the back door. GLENCORE. BLACKROCK. ENOUGH OF 1000+ YEARS OF WESTERN COLONIAL GLOBAL ATROCITIES. LIES. EXPLOITATIONS. SCANDALS. CENTURIES OF RACISM. CENTURIES OF HATEFUL PROPAGANDA. HYPOCRISY. ENOUGH OF GLENCORE BLACKROCK. ENOUGH OF WESTERN COLONIAL CORRUPT EXPLOITIVE ENERGY FIRMS. WAR CRIMES. CORRUPTION. MERCENARY AND FAR RIGHT TERROIST ORGANISATIONS. ENOUGH IS ENOUGH!

[@aduhgg2926]

Recession is kicking in, if 3 more quater no more growth in economy, there is economic depression, people hv no money left to buy things but can only pay mortgage and other bills

[@glum75]

She needs to find a rich CCP official or his kids and take their money. They have lots of money.

[@fialee8]

The only thing I advise is to invest in a cat food company... as most of these women will end up owning many many more cats in the future. The 32yo wealth advisor has given up... her entire apartment is a giant cat sanctuary. Let's be honest... when a man sees an older women with cats... that's almost as bad as being a single mother. No man wants to raise another man's child.

[@KokhuiYeo]

The Globe won’t grow but the population grows

[@masha22092000r]

It doesn't grow anymore.

[@Smallredeyes]

She needs to learn from life and save for future.

[@Sgscouser]

You are looking for the wrong person to interview.

[@happymelon7129]

propaganda video

[@huhwhatjason]

I do find this report amusing because the first impression of Singapore that travelers from China get is that Singaporean food courts are filled with elderly workers, which to them is a sign that the society fails to provide for the old. China plans to raise its retirement age from 60 to 63 for men, and 50 to 55-58 for women. Singapore plans to raise its retirement age from 63 to 65, and re-employment age will be raised to 69.

[@frry6700]

Channel News American aiming to get part of those 1.6billion

[@happymelon7129]

😆Guess how much this video will make from the 1.6Billion U$ propaganda fund ?

[@happymelon7129]

😆Guess how much this video will make from the 1.6Billion U$ propaganda fund ?

[@nicklee7002]

Where can CNA find actors & actresses to act in their self-directed documentary?

[@DavidFoo-kh4ri]

One paid actress in a nation of more than a million...whats the purpise of this episode 😮

[@happymelon7129]

😆Guess how much this video will make from the 1.6Billion U$ propaganda fund ?

[@timidhamster2497]

MAI GAY GAY LA , ELECTION ARD THE CORNER LIAO

[@seandaniel3994]

Excess use to invest and buy Btc

[@leevyn2452]

27 years old😂 she look more than 37 yrs

[@alexisl9426]

Staying up late clubbing probably aged her

[@xxxcool2565]

Marry a rich husband. Problem solved

[@ebeyslough]

She’s still hot. White men don’t mind someone who works at a bar and is over 25.

[@smithjerry470]

each girls dream, but lack of rich dude

[@lawrencerobles6207]

This is not true. I know a lot of Chinese people who are rich.

[@xiphoid2011]

Economy is hard. Most Chinese are poor, even in Shanghai.

[@JeromeTan]

you know 1.412 billion of them?

[@seandaniel3994]

Sad but you don't know many who are struggling

[@henrypham-learngermantoget1011]

so are Vietnamese. Some young people are born into super rich families, some are succesful, but others are grappling with rising costs,...

[@Willxdiana]

Most overseas are rich. People from the country are middle class and poor

[@kmich7660]

Mate, one swallow does not make a summer. Try managing 1.3 billion people and still be world number two economy. 5 Oct 2022 - ""I live in Singapore and often see old people over 70 still working. Is it true that Singaporeans have to work until they die? Why?"" Believe South Korea might be suffering a worse fate, ""South Korea’s suicide rate highest among major advanced nations. "" Sad. |22.02.2024 - Update : 23.02.2024""