The latest biennial report on financial literacy from the People’s Bank of China (PBOC) points to a slight rise in general knowledge about finance amongst consumers in China.
The “2019 Consumer Financial Literacy Survey Report” (2019年消费者金融素养调查报告) released by PBOC on 31 July indicates that the national average consumer financial literacy index stands at 64.77, for a slight increase compared to the reading of 63.71 produced by the last report in 2017.
Financial literacy levels are highest in eastern China, followed by central China and western China.
The Report states that consumers in China still need to improve their savvy when it comes to personal financial management in a range of areas.
While Chinese consumers score well in terms of reading contract provisions, saving for their children’s educations and password protection during usage of ATM’s, they still lag in terms of household expenditure planning and execution, understanding of financial statements and credit card repayments.