Caixin
Sep 18, 2020 04:45 AM
ECONOMY

Young Chinese Save More Amid Pandemic Uncertainties

What’s New: China’s younger generation is showing greater willingness to save money in the face of uncertainties caused by the Covid-19 pandemic, a recent survey found.

Average monthly deposits by Chinese people between 18 and 34 years old reached 1,334 yuan ($197), up 34% from last year, according to a survey jointly released Thursday by Ant Group’s Alipay and Fidelity International Ltd. Monthly savings of people older than 35 grew 31% to 1,543 yuan, the survey showed.

More than half of the respondents said they were preparing for future financial needs.

What’s the context: While the rising saving rates partly reflected higher income, it also indicated people’s growing concerns about the future amid the pandemic, the report said. But determining whether the changes reflected a long-term behavior shift or a short-term response will require further study, the report said.

About half of the respondents said their current incomes are insufficient to support long-term saving.

The survey covered 61,000 users on Alipay, Ant’s online payment and financial service platform.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com).

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