More than half of young people have less than 100,000 yuan in deposits. What can we think about?

Current status of savings for young people

Recently, a data from DT Research Institute's "2023 Youth Savings Survey Report" shows that most young people do not have much savings, and 53.7% of them have less than 100,000 yuan in savings.

Do young people today really have no willingness to save money?

Moonlight clan, gnawing old clan, etc. are all used to describe the status quo of many young people, but do young people really have no willingness to save money?

The answer is naturally no

According to the survey data of Houlang Research Institute on young people saving money, nearly 30% of young people will spend 30%-50% of their monthly income to save money, and 27.1% of young people will spend 10%-30% of their income It is unbelievable that 4.2% of people spend more than 80% of their monthly income on saving money. These people are called "money saving monsters".

It can be seen that young people do not lack the willingness to save money, and some people even have a strong willingness to save money. So what is the reason why young people have so little savings today? ? ?

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Why do young people save less?

As a post-95 generation, I am also one of the young people. Let me analyze from the eyes of young people why most of us young people have so little savings.

Low income, concubines can't do it

For young people who have just entered the society or have been working for a few years, the income level is often not high, and some industries are even facing the risk of wage decline or layoffs, especially in recent years due to the impact of masks and the global economic downturn.

According to the 2022 average salary data of urban non-private unit employees released by the National Bureau of Statistics, the national average salary is 103,762 yuan , which is about 8,647 yuan on a monthly basis .
According to the "2022 Employability Report of Chinese College Students" released by Zhaopin, the average expected monthly salary of 2021 graduates is 6,996 yuan , and the actual monthly salary is 5,688 yuan .

It can be seen that there is a big gap between the expected salary and the actual salary. How does this encourage young people to save money? We can't talk about life, but survival, right?

high cost of living

There is a saying: Living is a waste of air, dead a waste of land, and going out is a waste of RMB.

According to data from the National Bureau of Statistics, in December 2021, the national consumer price rose by 1.5% year-on-year. The prices of the seven major categories rose six times and one fell year-on-year. Among them, the prices of transportation and communication, education, culture and entertainment, and housing rose by 5.0%, 3.1% and 1.6% respectively, and the prices of daily necessities and services, medical care, and clothing rose by 0.8%, 0.7% and 1.5% respectively. 0.6%; the prices of other goods and services decreased by 0.5%.

Especially for young people living and working in first-tier and new first-tier cities, not only have to face high rent, commodity prices and transportation costs, but also bear certain social costs and psychological pressure.

According to the 2022 rental report released by the Shell Research Institute, the average rent increase in major cities across the country will be 6.5% in 2021, and the rent increase in first-tier cities such as Beijing, Shanghai, Shenzhen, and Guangzhou will exceed 10%. According to the December 2021 consumer price index data5 released by the National Development and Reform Commission, the national CPI rose by 2.3% year-on-year, of which food prices rose by 4.8%, especially the prices of meat, eggs, and fruits.

In addition, young people have to deal with consumption temptations and comparison psychology on various social occasions and online platforms, making it difficult to be frugal and rational in consumption.

Consumption concept is different

Excessive consumption, excessive debt

Nowadays, young people are over-consuming and it is difficult to save money. My Huabei was only closed last year. According to survey data, 70% of post-90s people do not have any deposits, and some young people rely on credit cards to maintain cards and borrow money for consumption, relying on various popular overdrafts such as borrowing, Huabei, and IOUs. way.

Looking at the debt data of young people, the survey and analysis data of a certain bank show that the per capita debt of young people born in the 1990s reached 127,900 yuan, which also shows from one side that young people today do have advanced consumption and excessive debt.

Weak deposit awareness

Compared with the previous generation, after experiencing a period of material deprivation and social turmoil, they paid more attention to the concept of saving and ensuring the quality of life in the future. Today's young people are more inclined to enjoy the present and pursue a personalized and diversified lifestyle.
Rather than saving money and waiting for an uncertain future, we are more willing to spend money on travel, training, hobbies, etc., to improve our quality of life and ability level.
Of course, they will also pay more attention to investment and financial management, seeking higher returns, rather than being satisfied with low-interest bank deposits.

According to the 2021 financial management report released by Ant Group, the post-90s and post-00s have become the main force in the financial management market. Their financial management participation, investment amount and investment income have all increased significantly, and they are more fond of diversified and long-term financial management product.

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talk about yourself

Which range is your current deposit in? Do you find it difficult to make deposits?

1. Deposit range:
According to DT Research Institute's "2023 Youth Savings Research Report", it is in the top 30%. The main expenses are on daily necessities, food, housing and transportation, plus some other expenses for a month

2. Do you find it difficult to make a deposit?
Of course it is difficult, with a fixed dead salary every month, plus some fixed expenses, if there are some unexpected expenses in any month, the deposit plan will be delayed.
If you have a significant other or are married, the possible expenses will be even greater, not to mention the difficulty of depositing

Tell me about what efforts you have made to save money?

1. I used to only eat cheap ones, not expensive ones; now I often go to new stores for discounts. 2. If you
can take the subway, bicycle or No. 11, try not to take a taxi.
3. Snacks, drinks and other non-living things Necessities, if you can’t buy them
, don’t buy them 4. I have used some accounting software to record daily expenses,
but I want to say that while saving money and deposits, you might as well consider earning extra money

In your opinion, besides personal factors, what factors affect the ability and willingness of young people to save?

1. Problems with consumption concepts: overdraft consumption and debt consumption are becoming more and more popular at present.
2. Cost of living issues: Survive first and then live, and the current cost of survival is already too high.
3. Lack of financial management thinking
. 4. It may also be affected by family and environmental impact

Do you think that young people can resign naked if they save enough savings/How much savings do they need to save for a decent retirement?

In fact, for this problem, I personally feel that it may need 5 million, tens of millions or even more. After all, human beings are greedy and dissatisfied, plus there will be various unknown accidents, and there may be problems brought about by raising children and supporting parents. Consumption.