Hong Kong, China – As the global economy faces uncertainties due to the ongoing pandemic, individuals like Kathy Zhuo from Fujian, China, are finding innovative ways to save money amid financial challenges. Zhuo, a 36-year-old mother of two, was forced to take a 50% pay cut during the pandemic, compounding the difficulties of caring for her mother who has been battling cancer for five years.
In response to the financial strain, Zhuo turned to a new trend in China where individuals seek out “saving partners” online to help curb impulsive spending and prioritize financial stability. This movement, known as “saving da zi,” has gained significant traction on platforms like Xiaohongshu and Weibo, with millions of views and engagements.
Driven by the need to secure her family’s financial well-being in the midst of economic challenges, Zhuo joined online saving groups comprised mostly of women aged between 20 and 40. Together, they track budgets, share money-saving tips, and hold each other accountable for their spending habits.
Through her partnership with a saving da zi, Zhuo was able to reduce her spending by 40% in just a month, setting a goal to save 100,000 yuan by the end of the year. This collaborative approach to saving also helped others like Wen Zhong, a primary school teacher, transition to a minimalist lifestyle by cutting back on unnecessary purchases and exploring alternative income sources.
While China boasts one of the highest saving rates globally, the surge in household savings poses a potential challenge for the country’s economic growth. Despite efforts by the central bank to stimulate spending through interest rate cuts, the cultural propensity towards saving could hinder these strategies.
In light of economic uncertainties, some individuals, like Ms. Chen from Henan, have resorted to traditional methods of saving, such as keeping cash at home. With the goal of accumulating at least five million yuan in savings to secure her family’s future, Chen reflects the growing sentiment of financial preparedness amidst economic slowdowns and familial responsibilities.
As families navigate the complexities of financial planning in China, the concept of saving da zi serves as a testament to the power of community support and shared financial goals in times of economic adversity. Through collective efforts to prioritize saving and prudent spending, individuals like Zhuo and Chen are reshaping their financial habits and outlook for a more secure future.