Nancai hosted a series of public welfare activities of the "National Financial Literacy Improvement Plan" and landed at Beijing Normal University to focus on topics such as career planning and financial risk prevention

21st Century Business Herald reporter Zheng Xue reported from Beijing

In the digital era, all walks of life are undergoing earth-shaking changes, and the financial industry is no exception. In recent years, the mainland has vigorously promoted the digital transformation of finance, and new business formats such as digital currency, digital payment, and digital wealth management have continued to develop. For the public, the proposition that is as important as the wave of financial digitalization is the identification and control of financial risks, and how to continuously improve their financial literacy.

On April 20, sponsored by Southern Finance and Economics Omnimedia Group and 21st Century Business Herald, and supported by the School of Economics and Business Administration of Beijing Normal University, the "Improving Citizens' Digital Financial Literacy and Helping to Prevent Financial Risks and Improving the Digital Literacy and Skills of Beijing Citizens on Campus Series" was launched at Beijing Normal University. A number of experts from the industry exchanged views with the students on topics such as career selection and planning, financial risk prevention, etc.

Adapt to the needs of the times with action and practice

Chang Xinyang, Secretary of the Youth League Committee of the School of Economics and Business Administration of Beijing Normal University, said in his speech that promoting the high-quality development of finance is an important task for the Party and the country at present and in the future. Holding the "Economic and Management Cultural Festival" and carrying out the educational activities of "Improving Citizens' Digital Financial Literacy and Helping to Prevent Financial Risks" are specific measures taken by the School of Economics and Management of Beijing Normal University to implement the strategic decisions and deployments of the Party Central Committee, and are important practices to practice the spirit of the school motto of "Helping the World through the Economy, Serving the World through Business and Promoting Culture".

The improvement of digital literacy is inseparable from a close attention to technology. It can be seen that artificial intelligence is leading the transformation of the digital era. While artificial intelligence brings surprises and unlimited imagination, FOMO (fear of missing out) emotions are also spreading.

Wang Jun, chief researcher of Nancai Compliance Technology Research Institute and deputy director of the compliance news department of the 21st Century Business Herald, said that the current FOMO sentiment is mainly concentrated in four aspects:

The first is how to meet the actual needs of data, computing power, and algorithms at the hardware level, and strengthen the underlying technological innovation; The size of the dataset and the amount of floating-point calculations used for training will increase, and the performance of the model will improve) whether it is sustainable and whether there are other technical routes; third, artificial intelligence is a very money-burning industry, and at present, the homogeneous competition of domestic large models is serious, the landing ability is weak, and the business model is unclear; fourth, the ethical problems that artificial intelligence may bring about gradually penetrating into daily life, such as more subtle algorithmic discrimination.

Wang Jun suggested that under the wave of artificial intelligence, college students need to recognize the facts in the process of formulating career plans, and development is a narrow door, and they need to seize the opportunity for development in time. The second is to understand the current scarcity and actively create a personal competitive advantage. What is lacking in the future? emotion, creativity, free will, and the ability to discover new problems. Third, we must have action and practice, long-termism is very important, and refuse to work behind closed doors.

Treat day-to-day planning as a project

What kind of financial literacy should college students have? Su Qin, VP of Quantum Song Group and president of Quantum Song Research Institute, especially emphasized planning. In his view, planning reflects a way of thinking about doing daily planning as a project. Everyone should plan their daily life when they are studying, and this exercise of prioritization ability can help to get started quickly and improve personal ability.

Because of age experience, consumption habits, employment pressure and other reasons, college students are often prone to financial fraud and telecommunication fraud. Su Qin said that college students need to establish a sense of risk, there is no such thing as a benefit and no risk, and sometimes the cost is also a risk. In his view, the logic of most decisions is based on risk and benefit.

In his opinion, there are people who are ignorant but very confident, and who happen to be at the top of the ignorance of the Dak effect. The Dack effect refers to the fact that the more people lack knowledge and skills in a certain area, the more they are unable to recognize and face this fact, and often draw self-righteous and wrong conclusions, these people tend to overestimate themselves and are unable to evaluate others objectively. After the peak of ignorance, some people experience the valley of despair and eventually reach the slope of enlightenment.

"When it comes to social investment activities, college students are basically losers. Life should not be all in for small probability events. Su Qin said. Su Qin further reminded that any moment when you feel lucky or good luck suddenly falls may be the beginning of being deceived, and you need to guard against financial fraud. Precautions include not clicking on any unknown links and URLs, and making phone calls to confirm transfers to friends.

Employment options are not limited by major, personality, etc

How to achieve career development in the cultivation of financial literacy? Kuang Yueqing, senior strategic analyst of China AMC, responded with the rapid expansion of public funds.

According to reports, the fund mainly invests in the securities market, and according to the different ways of raising, the fund can be divided into public funds and non-public funds. Among them, under the strict supervision of laws and regulations, public funds have strict industry norms in terms of investment scope, investment strategy, information disclosure, profit distribution, operation and management.

"Generally speaking, from the perspective of risk-return characteristics, fund categories with high expected returns correspond to high volatility, and low volatility corresponds to low expected returns. Kuang Yueqing said.

In the past decade, the mainland fund market has expanded rapidly, and the scale and number of funds have increased steadily. By the end of 2023, there were 11,514 public funds in the market, with a total scale of 27.55 trillion yuan, an increase of more than 10 times compared with the end of 2010.

In terms of specific public funds, in 2023, the overall scale of public funds will continue to rise, once surpassing bank wealth management to become the main force of the entire wealth management industry, but the growth rate has slowed down.

Kuang Yueqing said that due to the impact of the downward shock of the A-share market and the cycle of the market cycle, the fund industry has also experienced a certain test, but the structural forces that promote the development of the public fund industry still exist, and the public fund industry still has huge incremental space and development space in the future.

In terms of career planning and job setting, Kuang Yueqing introduced that the public fund industry is mainly divided into three lines: market, investment research, and back-office, which are responsible for fundraising, investment and support. The three lines set up different positions, and each has its own focus on the ability requirements of practitioners. When college students make career planning and choices, they should not limit their choices because of majors, academic qualifications, and sexual patterns, but can try more, and in addition, they can also pay attention to social changes in time to understand the latest development trends.

It is understood that the public welfare activity of the "National Financial Literacy Improvement Plan" was jointly launched by Southern Finance and Economics Omnimedia Group, 21st Century Business Herald, financial institutions, media, universities and other institutions in December 2020. The activities focused on how to improve the national financial risk prevention awareness and build a national financial security defense line, and jointly promoted the improvement of national financial literacy by uniting multiple forces.

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