LONDON (IT BOLTWISE) – In a world characterized by economic uncertainty, more and more people are resorting to drastic austerity measures. The trend of ‘revenge saving’ has taken hold in both China and the US, with young people and consumers on both sides of the Pacific drastically reducing their spending to achieve financial stability.
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In China, the trend of ‘revenge saving’ has become established as a survival strategy, especially among Generation Z. Young people are setting extremely low spending limits to cope with economic pressures. One example is user ‘Little Zhai Zhai’, who limits her monthly spending to just 300 Chinese yuan. These drastic measures are a response to insecure jobs and rising costs of living, as economic analyst Shaun Rein reports.
A similar phenomenon can be seen in the USA, but with a different background. Here, ‘Revenge Saving’ is a response to years of overconsumption and inflation. Consumers are starting to save more to protect themselves against economic uncertainty. Santander’s Swati Bhatia says that after years of revenge spending, many Americans are now rediscovering the value of financial security.
However, the term ‘Revenge Saving’ is criticized by some as it is not about revenge but rather a vote of no confidence in the economic forecast. Many people have rediscovered the need for financial security after the pandemic, Forbes reports. A Vanguard survey shows that 71 percent of Americans plan to change their savings habits to create more flexibility and an emergency fund.
In both countries, the motive behind ‘Revenge Saving’ is the same: security through sacrifice. While in China it is seen as a rebellion against economic pressure, in the US it is a pragmatic response to economic uncertainty. Both variants show the need for control over one’s own financial future in an unpredictable world.
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