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Chinese millenials least trustful about financial institutions, survey finds
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PEOPLE born after the 1980 in China are the least trustful about financial institutions among seven major economies in the world, a survey found.
About 44 percent of Chinese born after 1980 do not trust financial services providers with their money, compared to a global average of 27 percent, US-based investment bank BNY Mellon and the University of Oxford said in the co-authored survey covering 1,178 respondents from seven countries including Australia, Brazil, China, Japan, the Netherlands, the United Kingdom and the US.
The Chinese respondents are more willing to turn to their parents for advice and then banks, financial advisers, friends and finally an insurer's agent, it said. The report called people born after 1980 as millenials.
“Understanding the attitudes of millennials in China is immensely important if financial services providers are not only to make the most of this opportunity, but also help our next generation provide for their retirement,” said Robert Kung, BNY Mellon’s country executive for China. “Financial institutions need to raise awareness of the challenges individuals and employers face in providing for retirement.”
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