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Economy

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China's post-90s generation outstands for their stronger financial awareness

July 25, 2018


Abstract : China's post-90s generation (those who were born in the 1990s) has shown stronger awareness of financing planning, according to the 2018 China Rising Affluent Well-being Index.

财富指数

Photo: Launch of 2018 China Rising Affluent Well-being Index 

SHANGHAI, July 25 (Xinhua) -- China's post-90s generation (those who were born in the 1990s) has shown stronger awareness of financing planning, according to the 2018 China Rising Affluent Well-being Index recently co-released by Shanghai Advanced Institute of Finance of Shanghai Jiao Tong University and Charles Schwab & Co., Inc.

Based on a questionnaire survey of 2,600 interviewees who just earned their wealth with annual income between 125, 000 yuan to 1 million yuan, interviewees aged 18 to 24, compared to other age segments studied, have the stronger awareness of financing planning, registering a 9.28-percent year-on-year increase in their planning proficiency score.

In aspects of regularly reviewing financial plans, having a specific timeline for financial goals, and the possibility of achieving financial goals at a given time, they get higher scores than their performance in 2017.

"Unlike all other age segments, the post-90s generation in China are much more financially aware and concern more on their financial future," said Lisa Hunt, executive vice president of Business Initiatives at Charles Schwab.

The 2018 China Rising Affluent Financial Well-Being Index was 68.20, 2.17 points higher than last year, said the index report.

By examining interviewees across 9 major Chinese cities, including Beijing, Shanghai, Guangzhou, Chengdu, Hangzhou, Dalian, Xiamen, Chongqing, and Wuhan, the index comprehensively assessed their financial confidence, planning, management, and engagement. (Contributed by Cao Yimei and Chen Aiping, edited by Hu Pingchao)


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