China’s yuppies think US$462,300 needed to raise, educate a child, study shows
High stress levels are seen among young urban Chinese families who anticipate setting aside 3.1 million yuan to fund their children’s education, marriage and first home, survey finds
China’s emerging affluent are pinched by financial stress as they anticipate setting aside 3.1 million yuan (US$462,300) for their children, including funding their education, marriage and even a first home, according to a survey.
These individuals expect to set aside 1.27 million yuan for educational expenditures such as overseas studies and 1.83 million yuan for early adulthood outlays, such as wedding costs and a first home, said a joint report by Charles Schwab and the Shanghai Advanced Institute of Finance.
The report released Wednesday polled more than 2,600 respondents with a personal annual income between 125,000 yuan to 1 million yuan between May and June to gauge their financial goals and wealth management behaviour.
Saving for children is the top financial concern for Chinese families acquiring wealth, which stands in sharp contrast to trends in the United States.
“That is a very specific attribute of the Chinese investors and the rising affluent in particular,” said Lisa Hunt, executive vice-president, international services and special business development at Charles Schwab, in Shanghai on Wednesday.
