Sunday, February 15, 2009

180-Degree Turn

Many of China's only children are starting to learn the value of money in this financial crisis.

Some have lost jobs or see the threat looming and have drastically cut back on their spending.

Before, many would spend their entire paycheques on clothes, eating out and entertainment, as they live their parents.

But now, realizing that things are getting bad and could get worse, they are realizing that it's important to save, or even contribute to the family coffers.

Some young people are now putting away half their salary in their bank accounts, but others are taking even more extreme measures.

One blogger started a "100 kuai club" where he spends 100RMB a week and has detailed his expenses on a forum. There he has also encouraged others to contribute their creative money-saving ideas and try to keep within that budget.

That probably means lots of walking/cycling, eating at the company canteen, and not much of a social life.

As for myself, I'd already been putting away half my salary, but now I've cut my weekly allowance to almost half and am cooking more, hardly taking taxis these days and depending more on public transit to get around.

It's just good to see the next generation now realizing why their parents scrimped and saved for their children to enjoy.

However, it's a tough reality for these young people, knowing that when they get older, they will have to look after their parents as well as their own children. And that's a heavy burden when you're in mid- to late-20s.

And the financial crisis has just speeded up the sad truth... better late than never.

1 comment:

ks said...

it is always a virtue to save and be prepared for the rainy days. this now generation has never had faced hardships before. this is just the first wave of the tsunami. is is good a practice.