The stark contrast between America’s “me-first” culture and the “collective-good” mentality in China is reflected in the two countries’ use of social networking sites, according to a new study led by a Michigan State University scholar.
U.S. citizens spend more time on the networking sites, consider them to be more important and have more “friends” on the sites, the research found. The most popular social networking site in the United States is Facebook; in China, two of the most popular sites are RenRen and Qzone. (more…)
*Saving motives a major factor in increased household savings*
COLUMBIA, Mo. – With the global economy in a state of unrest, saving money seems to be an obvious strategy for households to protect themselves. But are global households saving enough? Researchers at the University of Missouri have compared savings habits of households from two of the world’s most powerful economies: China and the United States. Rui Yao, an assistant professor in the personal financial planning department in the College of Human Environmental Sciences at the University of Missouri, found that urban Chinese households, on average, save much more than American households. She says the difference stems from saving motives.
“Saving is one of the critical tools that households utilize to achieve financial goals and to improve financial well-being,” Yao said. “By looking at saving motives for households in each country, we hope to explain the difference in saving rates across these two countries.” (more…)
