No, I'm a chinese person born in the US, I can confirm it's cultural. My father is from Asia and he sometimes looks down on "stupid/uneducated" Westerners for not saving their money. The irony is that if the the typical chinese person was "educated" they'd know that a functioning economy needs people to spend.
Agreed, as long as people don't spend money they don't have :-)
You could be saving too much (example: China with 30-50% income saved) or not saving enough (example: the US, with saving levels around 5%, was actually negative before the Great Recession)
Neither option is particularly good for the economy, but if I had to choose, I'd rather over-save than over-spend.
