China’s post-90s start personal finance management 10 years earlier than their parents

CIW Team — Wed, 28 Aug 2019 08:00:16 +0000

The China New Economic Research Institute and Alipay jointly issued the first "Post-90s Savings Report" in July 2019. The report shows that 92% of the post-90s, people born between 1990 and 1999, have a surplus with their salary every month, and 80% of the people manage the surplus.

By comparing their Yu’e Bao, Alipay's monetary fund, and its virtual credit card Huabei, it shows that the money saved to Yu'e Bao every month by the post-90s is 4.5 times of their Huabei bill on average. In addition, the time that the post-90s started their financial management is 10 years earlier than their parents.

Observing those who used Yu'e Bao and Hua Bei at the same time, Alipay found that they saved more than they spent. Their consumption is also more rational than the outside world imagined.

Ninety percent of them said in the survey that "when buying things other than living necessities, they will fully consider the economic status." However, when it comes to self-elevation, they are...

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1 in 4 China post-90s consumers use Alipay credit service

CIW Team — Thu, 11 May 2017 03:00:49 +0000

Over 45 million post-90s users in China signed up Alipay’s Huabei or Just Spend for online shopping payment according to a recent report by Alipay. This payment option serves as a virtual credit card for Chinese online shoppers on Alibaba’s Tmall and Taobao e-commerce sites.

That 45 million post-90s represent 47.25% of total Huabei users according to Alipay. This indicates Huabei users is close to 100 million.

Post-90s, those born between 1990 and 1999, have a total population of about 170 million in China. That means, 1 in every 4 post-90s has a Huabei account. Close to 40% of post-90s set Huabei as the default payment option of Alipay.

Top Huabei post-90s users come from Beijing, Shanghai, and Zhejiang. What’s surprising is, Tibet users rank the fourth. And, the young users in Tibet has an average monthly spend of 963 yuan, even higher than Jiangsu province. In comparison, post-90s users from economically more developed province Guangdong only ranks the 15th of using Huabei.

Huabei’s installment payments are also popular among post-90s. When they buy smartphones online, 76.5% will choose the installment option.

Most of the post-90s consumers are rational; about 70% will keep their monthly spend by Huabei within two-thirds of their credit limit. And, 99% pay Huabei loan on time.

Top 10 Chinese Regions by Average Huabei Spending

Shanghai
Beijing
Zhejiang
Tibet
Jiangsu
Hainan
Tianjin
Fujian
Liaoning
Hubei
Heilongjiang
Anhui
Hunan
Jilin
Guangdong