China News Agency, Shanghai, July 14 (Reporter Jiang Yu) The "Survey Report on Chinese Residents’ Investment and Wealth Management Behaviors" released by the Shanghai Advanced Institute of Finance (Gaojin/SAIF) of Shanghai Jiaotong University on the 14th showed that the interviewed Chinese residents arranged for families The proportion of reserve funds exceeds 70%, and the proportion of respondents who purchase insurance also exceeds 70%.
In addition, Chinese residents' investment and financial management preferences are relatively conservative.
In March 2021, the Shanghai Advanced Institute of Finance of Shanghai Jiaotong University, together with Ant Research Institute and Alipay Wealth Management Think Tank, conducted a questionnaire survey on active Alipay users through the online research platform. A total of 20,664 valid questionnaires were collected. The samples covered various regions in China, Residents of all age groups and industries, 75% of the interviewed residents have an annual income of 0 to 200,000 yuan, and 35% of the interviewed residents' main source of income is salary income.
The survey content mainly covers the residents' "financial health" and "financial management behavior".
The survey found that Chinese residents generally show a certain degree of risk management awareness, but wealth management investment products are still relatively concentrated, and the awareness of financial planning needs to be improved.
The risk management awareness of Chinese residents is mainly reflected in two aspects of the use of emergency funds and insurance.
First of all, the family emergency fund, or family reserve fund, is cash or cash-like that is reserved at any time mainly to prevent family emergencies. The general amount covers the daily expenses of the family for 3 to 6 months. The survey shows that, The proportion of Chinese residents interviewed who have a family reserve fund is as high as 72%. Compared with some developed countries, this is an extremely high proportion.
In addition, due to differences in historical culture and social status quo, Chinese residents also have a savings rate that is much higher than the world average.
With the gradual improvement of China’s social security system, the coverage of basic medical insurance is rapidly increasing. However, due to the inclusiveness of social security, the depth of coverage cannot meet the diverse and individual needs of different families and individuals. With the continuous improvement of awareness, commercial insurance has gradually become a necessary supplement to social insurance.
In this survey, 76% of respondents have purchased insurance, indicating that Chinese residents have a strong sense of risk management.
The survey data also shows that the three types of assets that Chinese residents have the most investment and wealth management allocations are: bank deposits, public funds, and stocks.
64% of respondents have allocated bank deposit assets, with the highest allocation ratio; followed by public funds, accounting for 44%. For public funds, respondents most like hybrid funds.
The survey report pointed out that these data show that Chinese residents' financial investment preferences are relatively conservative.
"Under the joint promotion of many factors such as the increase of residents' income and the development of urbanization, the demand for investment and financial management of Chinese residents has accelerated. This is an inevitable product of China's economic development to a stage." Adjunct professor at Shanghai Jiaotong University, Shanghai Advanced Institute of Finance Executive Director Tu Guangshao said at the report press conference.
He also pointed out that the current Chinese investment and wealth management market has emerged "from physical real estate to financial assets, from single configuration to diversified configuration, financial services professionalization, technology-enabled asset management" and other new trends.