Modern life sees change in attitude toward saving

Saving has long been a tradition among Chinese people, but attitudes are changing rapidly.

Lin Youying, 70, lives in the mountain village in which she was born and raised in Nanping, Fujian province. After marrying in the early 1960s, she and her husband had five children.

The couple farmed about 30 square meters of land and lived frugally, especially during the 1970s and '80s, when they had five school-age children to support.

At the time, few parents in the village kept their children in school past primary level because they wanted them to earn money and help support younger siblings.

"I believed education would bring my children better futures, so I supported them to study for as long as they could," Lin said, adding that she saved every penny she could.

"My husband planted vegetables and I sold them at a nearby market. When I got home from the market, I sorted the crumpled paper money and counted every penny," she recalled.

"I locked the piles of notes in a drawer. Although I only had small amounts of cash, the money made me feel safe. I belong to the generation that lived through poverty and starvation."

In 2000, she opened a bank account with the help of her children. Now, every time the amount at home reaches 500 yuan ($74.50), she puts it in the bank.

Lin's daughter, 50-year-old Luo Ailian, worked in a clothing factory in downtown Nanping after graduating from a vocational school in the early 1990s.

Thanks to her steady wage, buying food and clothing was not a problem. Like her parents, though, Luo strove to save as much as possible so she could buy an apartment in the city with her husband.

In 2002, the couple took out a mortgage for the apartment. They repaid the sum, which they declined to disclose, in installments over the next 10 years.

"In my generation, most families only had one child due to the old family planning policy, but we still needed to save to pay off the mortgage," Luo said.

Unlike Luo, her 23-year-old daughter, Qiu Xiaoai, regularly borrows money from online brokers. She uses the cash to buy makeup, electronic products and concert tickets.

"My grandmother always tells me to eat every last grain of rice in my bowl, but I often dine out at restaurants with friends," said Qiu, who lives with her parents in Nanping.

"It's the habit among young people. If I didn't do it, my friends would think I was weird."