Retirement Crisis: China’s Youth Abandon Savings Plans
Beijing, China- Chinese young adults are increasingly opting out of saving for retirement, a trend that may have significant long-term implications for the country’s aging population. Despite the government’s efforts to promote financial literacy and retirement planning, many young people are prioritizing immediate financial needs over saving for their golden years. According to recent studies, a combination of factors is contributing to this shift in behavior. High levels of student debt, rising living costs, and …