During the pandemic, Kathy Zhuo and her husband were forced to take a 50% pay cut. It was a hard blow because she also had to take care of her mother, who was diagnosed with cancer five years ago.

“We barely had any money left every year. I felt insecure but I didn’t know what to do,” says the 36-year-old mother of two, who lives in Fujian, a province in southern China.

The impact on her family’s finances led Ms Zhuo to join the trend of young Chinese seeking partners – or da zi – with similar interests online. But instead of traveling or exercising together, she has teamed up with people who want to share tips on how to save money.

The hashtag “save da zi” first appeared on Xiaohongshu, the Chinese version of Instagram, in February 2023. It has attracted 1.7 million views so far, according to data analytics firm Newsrank. On Weibo, topics about so-called saving partners have been viewed millions of times.

Ms Zhuo feels lucky to work in the clean energy sector, a growing industry that is estimated to have contributed around 40% of the country’s economic growth last year. However, she feels compelled to “prepare for danger” as many of her friends and family are losing their jobs.

In February this year, Ms. Zhuo joined several online savings groups, mostly women between 20 and 40 years old. Every day they record their budget and her expenses. They also help each other avoid making impulse purchases.

Zhuo says one member was tempted to buy a luxury bag that cost 5,000 yuan ($690; £560), but after talking to other women in the group she settled for a much cheaper second-hand bag.

He Is surprised that many others are doing the same and says he feels a sense of camaraderie with his fellow rescuers. Just one month after teaming up with a partner, he says his expenses dropped by 40%. He now aims to save 100,000 yuan this year.

Wen Zhong, a 30-year-old primary school teacher, says she has reduced her online shopping with the help of her thrifty partners.

Instead, she now spends more time reading and knitting. He also started selling his handmade products at a local market, which makes him extra money. Most importantly, Wen says, this has helped her shift toward a minimalist lifestyle, which she appreciates more.

China already has one of the highest savings rates in the world. Official figures show that in 2023, the country’s households deposited around 138 trillion yuan in the bank, an increase of nearly 14% from the previous year.

But Dr. Lu says this high level of savings may prove to be a major problem for the Chinese government. Typically, the country’s central bank can help boost the economy by cutting interest rates, as this makes saving less attractive. However, if people continue to avoid spending and save their money, it could reduce the bank’s ability to influence the economy.

Meanwhile, some women have opted for a more traditional savings method: stashing cash at home. It is unusual as China has largely gone cashless, with so many people using apps such as Alipay and WeChat Pay.

Screenshot, Chen believes his family will need at least five million yuan in savings

Chen, a 32-year-old woman who runs a beauty salon in the central province of Henan and did not want to reveal her name, says she withdraws most of her income from the bank every month and puts it in a box. Once she reaches 50,000 yuan, she plans to return it to the bank as a fixed deposit.

“In the past, I didn’t have any savings plan, but I still had some money left. Now saving has become more difficult,” he says.

For starters, China’s economic slowdown has meant that her salon has lost a significant number of customers and many of her regular customers have cut back on their spending. Furthermore, Ms. Chen and her husband are only children, which means they have to take care of their elderly parents.

The couple also has two children, and Chen is worried about saving enough to eventually buy houses for them. In China, parents often buy a house for their child when they get married.

According to their calculations, Ms. Chen and her husband need at least five million yuan in savings. But she believes that even that won’t be enough, since she is now pregnant again.

“Having cash makes me feel less anxious,” she says. “I feel secure and satisfied as I see the wads of bills getting thicker and thicker.” (BBC)

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