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China wants young people to put money away for retirement. Tao Swift, an unemployed 30-year-old, is not interested in hearing it. On social media forums and among friends, young people are questioning whether to save for old age. Over less than three decades, the country has changed from a young society to an aging one. Seven straight years of plummeting births are pushing up the day when there will be fewer people working than retirees.
Persons: Tao Swift, , , Mr, Tao Locations: China, Chengdu
China's young people are abandoning retirement savings, The New York Times reported. The aging population and declining birthrate have intensified the pension crisis. A rapidly aging population, difficulties finding a job, and concerns about low pay are weighing on the minds of the country's young people. For some, that has led them to refuse to save for retirement entirely, according to an in-depth report in The New York Times. This story is available exclusively to Business Insider subscribers.
Persons: , Tao Swift Organizations: New York Times, Service, The New York Times, Times, Business Locations: The, Chengdu
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