Recommended statement: As we all know, our country has always been a major savings country that likes to save money. The highest savings rate reached 51.8% around 2008. However, with the changes in the economic situation over the years, my country's savings rate has now declined

Recommendation: As we all know, our country has always been a major savings country that likes to save money. The highest savings rate reached 51.8% around 2008. However, with the changes in the economic situation over the years, my country's savings rate has now declined to 45%.

But even so, my country's current savings rate level is much higher than the average level of countries around the world (29%).

According to data released by the central bank, my country's residents' deposits were 103 trillion yuan at the end of 2021, and 10.33 trillion yuan was added in the first half of 2022 alone, which is a rare growth rate in history. If we follow this rate, the deposits of Chinese residents will reach about 120 trillion by the end of 2022, with an average of 1.4 billion people, and each person's deposit will exceed 80,000 yuan.

Seeing this data, I believe many people feel that they are dragging the Chinese people down on their savings. But in fact, most of the wealth of our country's residents is concentrated in a small number of wealthy families.

According to the data of Chinese rich people released by Hurun in April this year, there are 5.08 million households with a total wealth of RMB 6 million, 2.06 million households with a total wealth of RMB 10 million, 133,000 households with a total wealth of RMB 30 million, and 89,000 households with a total wealth of US$ 30 million.

So, even if you don’t have that much saving, there is no need to sigh, after all, only a small number of people are really rich.

In real life, we find that many people live on debt, and the official data also confirms this. According to statistics previously released by the central bank, as of the end of 2021, the scale of financing in the whole society reached 314 trillion yuan, several times higher than the amount of residents' deposits, an increase of 10.3% year-on-year.

So, nowadays, the debt of Chinese people is getting higher and higher, what is the reason? There are mainly 4 aspects.

The first aspect: Many families bear huge loans to buy a house.

Now, mortgage loans have become the most common and largest loan for ordinary people. Economist Professor Han Geng once said that among all households in China, 56% of households bear mortgage loans "on their shoulders", of which 30%-70% of residents' income is all used to repay mortgage loans.

The fact is true. Look at the many families living in cities nowadays, which one of them is not carrying a mortgage of hundreds of thousands or even millions of dollars? In life, most people are exhausted just by dealing with the monthly mortgage payments.

The second aspect: the child’s education costs consume all the family’s savings.

Nowadays, the cost of raising a child is very high. A relevant institution has done a calculation, saying that the cost of a child living in a third- and fourth-tier city from birth to college is at least 500,000 yuan. If he has two children, it will cost 1 million yuan. And if he is raising a child in a big city, it is normal to double the cost.

So, many couples are afraid to have children now, which is also a very realistic problem.

The third aspect: Young people are increasingly liking to spend "future money".

In fact, people who have always like to save money in China are not young people, but older generations of aunts and men. They have experienced the hardships of life and understand the difficulties of not saving, so they are often very saving in their daily lives and try their best to save more money.

But in comparison, modern young people are not like this. They like to spend all the money they earn, and some even bear a lot of loans because of consumption. Little do people know that such a lifestyle actually has great risks. Once there are unstable income factors, it is likely to lead to personal credit problems.

The fourth reason: prices keep rising, but wages are not rising.

In the past year, domestic prices have continued to rise due to the downturn in the world economy, the impact of the energy country war and the epidemic, resulting in the increase in the cost of living for the people. But on the other hand, everyone's salary has not risen with prices, which is very helpless.

To sum up, many families nowadays live in debt, which is actually a last resort, but this phenomenon also shows that Chinese people still maintain a optimistic attitude towards future income, otherwise they would not be so bold to spend future money.

I wonder what you think about this?