A recent report showed that young Chinese are not only saving more but also managing their personal finances.
According to the study by China’s Institute of New Economics and Alibaba-backed Alipay, around 92 percent of those born after 1990 are saving money each month, while 80 percent are investing in wealth management accounts.
Their parents’ generation, in contrast, began investing in wealth management account at around 30 years old on average, the Beijing Youth Daily reported.
The report challenges past perceptions of China’s “moonlight clan”, a name used to describe a large group (but mainly directed at China’s post-90s generation) that spends their salary before the end of the month.
The term, yueguang zu, comes from the Chinese word for monthly salary (yue) and light (guang), which is also a pun meaning “to use up.”
The report reveals the tech-savvy post-90s generation is more conscientious about personal wealth management through online financial services, wrote commentator Jiang Dewu for Shanghai-based news portal Eastday.
This is a good thing, Jiang said. University students who learn about basic personal wealth management early on are likely to avoid taking out notorious campus loans or fall victim to financial fraud.
The phenomenon also shows there is greater accessibility of wealth management and awareness that it is not something only for the rich, Jiang said.
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