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Women take lead in family's finances
By Feng Jianmin |
00:00 UTC+8 November 15, 2011
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Print Edition
Print Edition
WOMEN on Chinese mainland are more likely to take the lead in planning their family's finances than women from other Asian countries but they are not necessarily financial savvy, according to an industry survey yesterday.
About 63 percent of Chinese women, compared with 58 percent of men, say they make all or most of the financial decisions in the household, the highest among their Asian peers, the HSBC found in the survey.
"Our survey points to greater equality in financial decision making in Chinese families, with Chinese women taking more important roles in decision making around family finances," said Terry Lo, chief executive officer of HSBC Life China. "This is due to rising education and income levels alongside accelerating urbanization."
The survey showed that women on the mainland reversed the traditional gender gap that prevails across Asia, where 58 percent of women and 68 percent of men make the family's financial decisions.
But being the family's decision maker on finances does not necessarily make them more financial savvy. The survey also found only 1 percent of women on Chinese mainland claim to be financial savvy, trailing the 5 percent for Chinese men, 4 percent for Asian women, and 7 percent for women globally.
The survey interviewed 17,000 people in 17 countries, including more than 7,300 from Asia and 1,000 from the Chinese mainland.
About 63 percent of Chinese women, compared with 58 percent of men, say they make all or most of the financial decisions in the household, the highest among their Asian peers, the HSBC found in the survey.
"Our survey points to greater equality in financial decision making in Chinese families, with Chinese women taking more important roles in decision making around family finances," said Terry Lo, chief executive officer of HSBC Life China. "This is due to rising education and income levels alongside accelerating urbanization."
The survey showed that women on the mainland reversed the traditional gender gap that prevails across Asia, where 58 percent of women and 68 percent of men make the family's financial decisions.
But being the family's decision maker on finances does not necessarily make them more financial savvy. The survey also found only 1 percent of women on Chinese mainland claim to be financial savvy, trailing the 5 percent for Chinese men, 4 percent for Asian women, and 7 percent for women globally.
The survey interviewed 17,000 people in 17 countries, including more than 7,300 from Asia and 1,000 from the Chinese mainland.
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