Financial literacy shows uptick among households
A new report found that Chinese households' average financial literacy score improved for the third consecutive year, but the concept of long-term investment remains lacking. The report also noted that respondents with higher financial proficiency are more likely to adopt AI tools.
Chinese households' financial literacy has improved for the third consecutive year, according to a report by Shanghai Jiao Tong University's Shanghai Advanced Institute of Finance and Charles Schwab. The average financial literacy score was 73 out of 100. Correct response rates on key financial literacy questions reached 44.5%, up 8.3 percentage points from the previous year. However, only 44% of respondents said they have long-term financial goals, and scores in financial planning fell to a three-year low. Respondents with higher financial proficiency are more likely to use AI tools, with nearly 90% of financial institutions surveyed having adopted AI in front desk services. The report suggests that promoting long-term investment is crucial, as market volatility can shake investor confidence.
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