Part 5/9:
The cultural mindset surrounding personal finance and consumption in China is deeply influenced by its historical struggles with famine and economic hardship. With a history that includes numerous famines, it is no surprise that many Chinese citizens prioritize saving over spending. Additionally, the legacy of the one-child policy places immense pressure on parents, who often rely on a single child for support in old age. This demographic pattern amplifies financial anxieties, making savings look like a necessity rather than a choice.