8 Reasons why Chinese are Obsessed with Money
The Chinese are notorious when it comes to matters concerning their wealth.
They are known as some of the biggest spenders in the world, yet they are also famous for
their money-saving habits.
In fact, money is such a big part of their culture that many Chinese have their own businesses,
small and big, locally and internationally.
Sadly, this cultural trait also extends to their infamously cheap labor practices, disreputably
poor quality of some Chinese-manufactured products, and worse, child labor itself.
Good or bad practices sometimes do not matter as long as they make money.
But why are they so fixated with money?
Here are some points that may answer that question.
Number one: They place great emphasis on social status.
One thing that many Chinese are guilty of, is materialism.
In fact, surveys have shown that they are actually the most materialistic in the world.
This explains why it has become commonplace to see Chinese travelling in shopping districts
abroad with empty luggage and coming back with their bags full of new stuff.
This is because many of them believe that having a lot of money and signature items
makes them look impressive to those who don’t have them.
In part, they buy stuff not only for themselves, but also to show that they can do so.
Number two: Their culture places great emphasis on saving money.
Chinese children are often trained from young to save money.
In fact, it is common to see Chinese toddlers who already have their own piggy banks where
they put their coins.
This is because the Chinese believe that saving money is an honorable practice, and is one
that should be encouraged from a young age.
Frugality is also one of the most desired traits in Chinese culture.
Number three: A successful person is seen as one who has a lot of money.
Just like in many other societies, the most visible gauge of success for the Chinese is
the amount of money one has.
Having more money is used to show others that they have “made it”, and that they are
no longer poor.
This is why they work hard to earn a living.
Number four: Distrust of banks and other financial institutions influences their idea of money.
Not every Chinese keeps their money in the banks.
In fact, it is actually a common practice in China to keep all of one’s wealth at
home, or someplace safe that only a select few, or just themselves, know about.
This is due to their distrust of banks.
They know that by doing so, they won’t earn interest, so to counteract that, they work
harder or save even more.
Number five: They believe that one who has money makes a better marriage candidate.
It is still a common practice in China to have arranged marriages, especially in well-off
families.
To be considered as a suitable candidate for marriage, you should be financially stable
and the more money you have, the better the prospect you become.
This is because many Chinese also see marriages as a business transaction where they marry
into wealthy families in order to merge or accumulate their wealth.
Number six: Having a lot of money makes them feel powerful.
Money solves a lot of problems.
This saying is common to a lot of society but most especially to the Chinese.
They work hard and save even more because they believe that when they are wealthy, they
can easily find solutions to whatever problems they face.
So in order to do just that, they save and do whatever is necessary in order to gain
even more money.
Who wants a hard life anyway?
Number seven: They want to avoid the poverty that was widespread in their history.
Most Chinese communities in the past were rooted in poverty.
They would do just about anything to earn a bit of coin.
And when they were unable to do so, they just ate whatever they could afford, or worse,
starved.
Fast forward several centuries later and China has become one of the richest economies in
the world.
They have learned a lot from the experience of their ancestors, so they do what it takes
to keep earning money for themselves and their families.
Number eight: Money saved guarantees that they are ready for whatever unfortunate circumstance
they might face in the future.
Nobody wants to be caught unaware when disaster strikes and especially not the Chinese.
The main reason why they save is because they want to be prepared when “rainy days”
happen.
They know that life is full of uncertainties and having money will greatly help in eliminating
or at least minimizing its effects on their lives.
They know that it’s not every day that they have money, so they save to avoid experiencing
or going back to being poor.
Looking at the list, the Chinese obsession with money is not at all bad.
Their frugality allows them to be better prepared for whatever life throws at them and also
lets them live comfortable lives and avoid unnecessary things, which other societies
can definitely learn a lot from.
It is common for Western countries to practice saving whatever is left from one’s paycheck
after spending for his or her needs, but in the East, especially in China, it’s the
complete opposite.
Of course, some of the ways the Chinese accumulate money or how they use it leaves a lot to be
desired but it cannot also be denied that their frugality and their emphasis on the
importance of spending generally only on what’s important is worthy of respect.
It’s never too late to save money like the Chinese.