China faces a reckoning as disillusioned Gen Z and millennial workers refuse to save for retirement: report

• China's young people are abandoning retirement savings, The New York Times reported.
• The aging population and declining birthrate have intensified the pension crisis.
• High unemployment rates and low-paying jobs are also an issue.

China's pension system is facing a reckoning.

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.

Tao Swift, an unemployed 30-year-old based in Chengdu, told The Times that he's uncertain there will be a pension fund by the time he retires.