Banks have increased deposits by RMB 10 trillion in half a year. Who is saving money?
Recently, financial statistics released by the central bank show that in the first half of the year, new household deposits by Chinese financial companies reached 10.33 trillion yuan, an increase of 2.88 trillion yuan compared with the same period in 2021. In addition, the central bank also released the results of the urban depositor survey in the second quarter of this year, in which the "large deposit share" result showed 58.3, an increase of 3.6 percentage points from the previous quarter. It is precisely because the total number of household deposits has increased rapidly and state-owned commercial banks are now not short of money. Various banks have recently begun to announce reductions in annual interest rates on deposits.
Many people may find it strange that financial institutions added 10 trillion yuan in new deposits in the first half of the year. Who is saving money? There are three main types of groups, let us analyze them first: The first type is the retired elderly group.
Our country’s pension insurance premiums will rise every year. It has completed 18 consecutive increases so far. The average pension insurance premium for domestic elderly people currently reaches 3,000 yuan. The older generation has experienced the planned economy period. I have long developed the habit of saving money, and my daily expenses are not large, so I can always save some money every month. Therefore, the older generation has always been the backbone of new deposits in financial institutions.
In addition, generally speaking, bank financial management breaks through the rigid redemption policy, which also means that if bank financial management loses money, financial institutions will no longer provide investment financial products to prevent poverty, and all investment losses will be borne by the investors. People are responsible for themselves. Therefore, many elderly people who are tired of business risks have changed the investment and financial products they originally purchased into bank deposits. The second category is the general group of migrant workers.
Originally, due to low wages, the daily expenses of the migrant workers were very high, and most of their families did not have much savings. However, after experiencing the epidemic, many people were locked down at home and without a fixed income, life must not be very easy. Therefore, the migrant group gradually began to realize the importance of savings.
In addition, various industries are now in a downturn, and many companies are laying off employees and reducing wages. Many migrant workers are worried that if they lose their jobs in the future, if they don’t have any savings, their daily lives will be affected. . Therefore, the general group of migrant workers are saving money now mainly to cope with emergencies such as epidemics, illnesses, and layoffs. The third category is the group of young people born in the 1990s.
In the past, the post-90s generation had low wages and wanted a high-consumption lifestyle, so they chose to borrow money for consumption. Therefore, many financial investment platforms have become consumer loan projects. In addition to bank credit cards that allow you to extend your credit limit, there are also platforms such as Ant Huabei and JD Dongbaitiao, all of which provide help for young people to borrow money for consumption.
Data show that nearly 90 young people are burdened with debt, with an average debt of more than 127,000 yuan per person, which takes 18 months to pay off. Debts must be paid with interest. Nowadays, the post-90s generation has worked hard and deposited money in banks, preparing to gradually pay off the debts they owed.
Financial institutions have added more than 10 trillion yuan in new household deposits in the first half of the year. Household deposits have increased rapidly. There are mainly three types of people saving money: The key is the elderly group. The elderly live more frugally and usually live more frugally. They also love to save money, so the elderly are the backbone of savings. Next is the group of migrant workers, who mainly respond to epidemics, layoffs, or disease emergencies. Next, the post-90s generation is also starting to save money. The main reason is that young people are carrying a lot of debt and there will always be interest payments. Everyone starts saving money from now on and gradually pays off their previous debts.