| The average Americans spend a lot and save very little (or none at all). Matter of fact, credit card debt is a huge problem in America, not because they have lots of "expenses", but because they spend more than they make/have. Maybe the mentality is that they can always make more so they spend first? Perhaps the recession is finally hitting them and they realize that they might not make enough.... In China, the older generation folks have always learned to save. However, I see similar patterns (like the Americans) among young people, spending all their money and not saving much. Part of the reasons could be the only child syndrome (2 parents/4 grandparents providing for one child). So young people today have lots of spending cash and don't worry as much about saving for the future. If China ever faces an economic downturn, the same problems will arise here. |
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