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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[@zendude123]

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!

[@kalamansihans]

amen, brother

[@gavinlew8273]

Haha. That is revenge savings!

[@hkt840]

not to mention she is a high income earner... 5600 to 7000 usd per month incoming living in china...

[@gef2]

she isnt even revenging anything except on the kindness of her parents

[@s._3560]

As do many young people who cannot afford to live on their own now in the depressed economies of Western developed countries. At least she is sensible to save hard and not spend it on frivolous things like designer handbags and Starbucks coffee!

[@mpdmpd8118]

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

[@Strawberrycake951]

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. 😐

[@TommieeFx]

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

[@jaya001us]

I think CNA should have interviewed somebody with an income that can represent the average chinese person. I suspect this program is produced to play up chinese propaganda that the chinese have huge savings! The reality is with the collapse of the chinese real estate sector, trust fund and stock market, savings of the middle class has been wiped out.

[@000T00b]

@@jaya001usAccording to Investopedia (not the CCP) the top 10 countries by savings rate are Macao, Republic of Congo, Qatar, Ireland, Brunei, Singapore, Luxembourg, Gabon, the United Arab Emirates, and China. Just saying.

[@thespacejedi]

​@@jaya001us BABA bag holder detected

[@awfully.average]

That's a lot for me ! And I live in Singapore

[@iggy5347]

​@@jaya001us stop taking fentalyn too much

[@kitsand]

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

[@Vincent_de_Paul]

Aye, more disposable income. Ordinary people have hard time paying for the rent and food nowadays 😢

[@99wilson]

click bait video.

[@VBoo459]

Not really.........if your lifestyle is expensive then you can earn a high income and not have a penny saved. It's not the high income that helps you save money, its money management that helps you save money. Of course a high income is helpful but majority of people are in debt for a reason (even with high incomes).

[@Vincent_de_Paul]

@@VBoo459 yo, even if your lifestyle isn't expensive, the average people can't save Nada nowadays 🙄

[@Ersanba]

Not necessary.. high income may means u tends to spend more..

[@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 😂

[@BigHeadAvenger]

It's a new trend in China.

[@nunyadambusiness3530]

It's not a normal practice in the US or other countries with a high cost of living. It's not common to save because the cost of living makes it near impossible, can't cut back any further when you're at barebones.

[@s._3560]

China has always had a high savings rate. It is ingrained in the culture. According to the IMF - China stands out as having one of the world's highest savings rates!

[@alien13579]

do you know why it's not a normal practice? because gen Z doesn't see any bright future so they involve themselves in revenge spending, it's not like they can afford a car or a house anyway so for them to save is actually an opposite direction savings is good when you stand at personal standpoint but if you're standing at economic standpoint, it's a bad thing which is why china's economy is in serious trouble right now

[@prostspezi5]

I though US common sense is to use credit card and drowning in debt?

[@mosqutio88]

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.

[@kemingyu4266]

You live at home and don't pay rental I presume?

[@mosqutio88]

@@kemingyu4266 I lived in San Francisco Bay Area with many roommates and food hacked when I worked in consulting and was in the military deployed overseas, which housing, food, and transportation were free.

[@mosqutio88]

@@mykolkei945 , I house, food, and travel hacked during my 20s. :)

[@mosqutio88]

@@kemingyu4266 No, I wish!

[@mosqutio88]

@@mykolkei945 I house, travel and food hacked!

[@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.

[@samsonseah74]

how do you make 7k USD playing games? Insane

[@WiseOnion]

Facial filter@@samsonseah74

[@marcmerlini7280]

@@samsonseah74 ask the simps paying for it

[@samsonseah74]

@@marcmerlini7280 oh my thats true mate. Thanks for that. There should be a study around making money off simps

[@VBoo459]

those 'simps' paying for it are probably anti-women people like you who call other simps. Biggest hypocrites.@@marcmerlini7280

[@AMAZINGGUY1113]

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.

[@mikecheng6010]

Great summary. I would like to also add that the overall sentiments toward the broader market and the more specific job aspects for the young people are not very promising (or we can just say dismal) right now. So if you put it into the framwork of New-Keynesian, it does translate directly to something deflationary, which cyclically enhances/ encourages saving behaviors, which does confirm what you say and what the public data shows.

[@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

[@stunstar4553]

She is an internet influencer who livestreams on TikTok（douyin）, and if there are thousands of people watching her live stream as she said, such income is very common

[@danielwells774]

I don't know why the media only present the superstars in one domain as average people and then frame it as what they're doing is impressive when it is either common sense or super easy. She makes 10x the median wage, so she spends the whole median wage and then saves the 90% excess. WOW! MINDBLOWING! NEVER BEEN DONE BEFORE!

[@Geekandsneaks]

@@danielwells774 very true! It’s easy if I had 10x the median income to only spend 1/10th of it monthly. Imagine if I earn $1000000 and spent $10000. Am I frugal? Hahah I guess my biggest takeaway from this was that I am definitely in the wrong profession. I would think 95% of people who watches this network are not earning that type of money.

[@onlydbrasko]

The number of Chinese who are making six figures in China and/or abroad is higher than the entire population of Australia.

[@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.

[@gavinlew8273]

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

[@gshepherd6141]

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

[@anushchandrashetty]

Great tips!!

[@joebloggs6131]

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.

[@chocolatecookie8571]

Sad to hear that no one asks if you are okay. It is the Western narcissistic culture many of us are living in right now. Professor Sam Vaknin he talks a lot about this. I hope you'll be okay in due time and be able to buy your land and your own home. Take care of yourself and protect what you have. God bless you

[@VinhNguyen-dv9zr]

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?

[@stunstar4553]

She is an internet influencer who livestreams on TikTok（douyin）

[@gavinlew8273]

Apparently, there are two different types of economy in China. The old economy and the new economy. Those working in the "new economy" get an average salary of 7K while those in the "old economy" get 1.5K. It's all relative.

[@Daniel-xaogjeyh]

@@gavinlew8273 did you pull that out of your ass?

[@VinhNguyen-dv9zr]

@@gavinlew8273 lol that bs, because i asked few friends from different city. There are non of them have that income around 7k per month bro. This girl must belong to 1% of China population high income as if you say. Because if she belong to 30% average people, China's gdp must be higher a lot.

[@wallace6228]

sichuan; s average income only half of shanghai, but the living costs much cheaper than tier 1 cities.

[@lexluong8155]

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

[@TKandWG]

Of course she's highly intelligent, that was why she was one of the top online gamers.

[@NPJGlobal]

FIRE is spreading! woo woo

[@benzo1d]

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

[@TomNook.]

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

[@ivangeo3319]

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.

[@mikecheng6010]

that's atually very smart. good for her

[@tawanium]

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

[@t0astz]

we went a full circle

[@momotaro0410]

6:11 notes for myself

[@g.abzilla7665]

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

[@tuapuikia]

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

[@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.

[@ummzahra9196]

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

[@Sky-yi9nc]

From one extreme to the other.

[@champagne77]

She's great

[@markdeguzman6556]

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.

[@stunstar4553]

There are over 5000 banks in China, and bankruptcy of one or two banks is not a serious problem. And according to Chinese law, government departments will compensate up to 500000 yuan (about 70000 US dollars) for bank deposit losses

[@emmettl7953]

It is a dual system, many programs are actually built on local funds and bonds, and owned by local banks and government entities. Central government is actually a grabber of money and contribute little to local welfare. The country is not consistent in terms of finance. Credit system is also a big mess.

[@kahramanvolkan4772]

how can I get a job over there?

[@danielc1792]

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.

[@alicegay4286]

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

[@keanuarcadio489]

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

[@seanpmcg99]

Revenge spending to revenge saveing

[@paulinejackson5861]

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

[@May04bwu]

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

[@Daniel-xaogjeyh]

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

[@raquelmacdonald8572]

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.

[@agushermanto1038]

RMB 50.000 is quiet a lot

[@jeffreyjackson5229]

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.

[@thomasrogers9146]

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.

[@siriratt9037]

ฉันก็เป็นเหมือนกัน

[@lamng7848]

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

[@lamng7848]

but i think this case is special , her income is much more 10x than average ...

[@verselines]

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

[@tatsuhitot]

Use filter apps, put on lots of makeups and wear revealing clothing. These work as well for unattractive women and men wearing wigs lol

[@mynameisdrpat]

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.

[@ibrahimseth8646]

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

[@Generalshouchew]

0.1% gaming host in Tiktok Has her income

[@JayFrisk4439]

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

[@jarrodyuki7081]

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.

[@PAPDoubleStandards]

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.

[@emmettl7953]

Not impressed by that. U can afford to live by your own and even own your house with this amount of income in that city. There is no reason to rely on parents in this condition. It is not a long term solution for life as well.

[@tl1533]

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.

[@mack-uv6gn]

👍

[@danielmcarthur9004]

Well that was a waste of time to watch ha

[@FrankWu]

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

[@ahbai1976]

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

[@prostspezi5]

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

[@ChopSuey-Dish]

I live in China. Everything is miserable here, but no one dares to complain. Seriously if there is next life, I wish to be born in any other country, except China.

[@xiandongzhang7671]

傻逼，去过中国吗？

[@Moonlight-td3rf]

May I know why is it miserable to live in China?

[@xuyehui5967]

都一样 韩国 台湾 日本生活压力不大吗 命比纸薄 心比天高

[@hendyyuniarto6164]

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

[@SpartanFarron]

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.

[@ezioauditore5616]

10 year old?

[@captsorghum]

Easy. Just use your money to make payments on a to-be-constructed house. The best investment ever.

[@thierry-le-frippon]

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

[@chelleb.9759]

the kind that earns money i think

[@ssuwandi3240]

Gambling niche

[@pinkcotton94]

but still earn USD7k wor

[@TKandWG]

Basically someone who's very skilful at some popular online games, same as photography-influencers, fitness-influencers, etc.

[@verselines]

she earns 7k USD per month, better than many 'normal' jobs that you probably consider 'superior' to what she's doing.

[@PAPDoubleStandards]

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.

[@user-dq7ew3wj8g]

你们能多采访点普通人吗？她一点代表性都没有。

[@jaya001us]

就是！我说99%的中国人每个月都挣不到4-5万吧？

[@comchadelalora]

Who cares ?

[@kamil_supabase_enjoyer]

Nice Propaganda xD

[@keirenle]

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.

[@SpartanFarron]

How do you think they will resolve the property crisis? They built thousands of incomplete tofu-dreg buildings on debt. They are worthless assets. The CCP won't bail those out. Any "stimulus money" they print is going into corrupt pockets. The commoners won't get a single yuan from it. The GDP and unemployment numbers recently released are fake and they're now backtracking on them by accusing province workers for faking statistics. That's how bad it is. You can't save if you don't have income. Companies are moving factories to other countries. Don't expect them to move back. Western investments are leaving. They lost 6.3 trillion of stock value since 2021. What are your solutions for those problems? Sounds like a collapse to me.

[@ArabicReja973]

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.

[@goldenrules5697]

Please talk about anything about China: In the west there was Roman Greece, now they have transformed into the USA inventor of many things.. In the east there was China thousands of years ago, the inventor of many things too... Please judge for yourself

[@searklarak]

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.

[@lastChang]

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.

[@johnl.7754]

Which is why the CCP government wants to destroy/take over Taiwan from their current government. Taiwan also has free universal healthcare.

[@nexus_optimism]

do you even watch the video? smh🤦

[@goldenrules5697]

Deng Xiaoping You think he is a true communist and most of your Chinese leaders believe they are true communists.. China Realizing their shortcomings, giant ships cannot just change their steering suddenly, changes will slowly and surely find the best way.

[@richardmackenzie1878]

better poor than gobbling white D to survive 🤣 I've never met worse cultural prostitutes than Taiwanese

[@User-uw4qz]

@@nexus_optimism this is propaganda, very few people in the PRC make 7k a month

[@jarrodyuki7081]

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.