According to the central bank, as of the end of October 2023, the balance of domestic and foreign currency deposits in China reached 28728 trillion yuan, and the balance of personal deposits is 13498 trillion yuan. Follow 14With a population of 1.2 billion, the per capita savings reached 9560,000 yuan. This data reflects the continuous growth trend of domestic residents' deposits in recent years.
The increase in domestic residents' deposits is mainly due to the following three problems: first, after the epidemic, people have a deeper understanding of the importance of saving, so they have deposited funds in banks as a preventive measure against unemployment, illness, pension and other problems; Secondly, due to the current high investment risk, people's confidence in the investment of ** and bank wealth management products has declined, and they choose to deposit funds into fixed deposits; Third, domestic residents have relatively few investment channels and cannot invest in overseas **, bonds, etc., so they choose to deposit funds in banks.
However, despite the fact that the per capita deposit reached 9560,000 yuan, this figure is not high in the international ranking, ranking about 69th, far lower than some developed countries in Europe and the United States. In fact, this average is not the median, meaning that a significant proportion of households have personal savings below this value.
One of the reasons is that the income of domestic residents is generally not high, and they are facing greater consumption pressure. According to the tax department, only 14 percent of migrant workers earn more than 5,000 yuan, while 86 percent earn less than 5,000 yuan. Coupled with the increase in various living expenses, children's education expenses, and social entertainment expenses, it is difficult for many families to save a large amount of money in a year.
On the other hand, there is a large gap between the rich and the poor in the domestic society, with only 2% of depositors owning 80% of their deposits, while 98% of depositors only owning 20% of their deposits. As a result, wealthy households have large savings, while most have smaller savings of less than $100,000. According to central bank data, 90% of households in the country have less than 100,000 yuan in savings.
In addition, the debt ratio of domestic residents remains high, and most households can only afford to repay their debts, making it difficult to accumulate savings. As of the end of October 2023, the balance of resident loans reached 7523 trillion yuan, of which the balance of housing loans is 4464 trillion yuan. With a large number of families saddled with huge home loans, a large part of their monthly income is used to pay off their mortgages, and it is difficult to save large amounts of money due to limited disposable income. At the same time, 90% of the post-90s group owes consumer loans, with an average debt of nearly 130,000 yuan per capita, which also makes this group have almost no deposits in the bank.
Thus, despite the fact that the per capita deposit reaches 9560,000 yuan, in fact, most people's deposits are much lower than this average. In the future, people still need to work hard to raise their income and save aggressively in order to expect to save more than average in the future.