The scale of personal investable assets in China has reached the order of 100 billion yuan, the Internet and other means have increased the availability of personal financial management, but the income from personal investment has shown a downward trend in the past few years, and only about 30% of people understand investment risks; in the new "track" of financial and business education, because there is no regulatory top-level framework, there are many "heavy marketing, light education" institutions have appeared, disrupting the industry order...
For the current situation of China's financial and business education market, on September 26, with the support of Irvine Technology, the National Finance and Development Laboratory of the Chinese Academy of Social Sciences and the Lookout Think Tank jointly released the "White Paper on National Financial and Business Education (2022 Edition)" (hereinafter referred to as the "White Paper") at the Wuzhen World Internet Conference. This is the second consecutive year that the White Paper on National Finance and Business Education has been released.
The other side of the challenge is opportunity. "National financial and business education is not only an integral part of the supply of effective financial services, an important guarantee for the prevention and control of financial risks, but also an objective requirement for achieving common prosperity." At the press conference, Peng Xingyun, a researcher at the Institute of Finance of the Chinese Academy of Social Sciences and deputy director of the National Finance and Development Laboratory, said that the value and social significance of national financial and business education are self-evident.
The good news is that the mechanism of survival of the fittest in the market is gradually taking shape. At present, Irvine Technology, which has emerged, has served more than 16 million users, and its subsidiary has a learning platform focusing on the popularization of financial and business knowledge, "Qi Niu Xuetang".
Li Peng, founder of Irvine Technology Group and CEO of Qiniu Xuetang, told the Beijing News Shell Financial Reporter that education itself has a long chain and heavy services, and it is not easy to do smoothly, efficiently and reduce friction, and it is necessary to sink down to polish the curriculum and system, and the input and cost of compliance are also very high. However, with the increasing standardization of the industry, 90% of the institutions that entered the market with a speculative mentality have withdrawn in the past six months, and the head of the industry has become increasingly prominent.
The "White Paper" proposes to build and improve the legal, institutional and policy system of financial and business education, accelerate the integration of financial and business education into the national basic education system, strengthen the top-level design of financial and business education supervision, and build dynamic and timely multi-departmental coordination supervision.
The scale of investable assets of individuals reaches the order of 100 billion, but only 30% of people understand the investment risks
The "White Paper" released this time is mainly divided into seven parts: the origin and motivation of financial and business education, the development and evolution of the financial and business education market, the construction of the financial and business education architecture and ecological chain, the improvement of national financial literacy, the foundation and core of financial and business education, the development and evolution of Wealth Management in China, the supervision and policy standards of the financial and business education industry, and the summary and policy recommendations.
Li Peng brought several sets of figures at the press conference, including: the scale of China's individual investable assets has reached 241 trillion yuan in 2020, and is expected to exceed 268 trillion yuan in 2021; by the end of 2020, the number of small investors in China's securities market will reach 187 million; 72% of the surveyed users are willing to hold funds for less than 1 year, of which nearly 30% of users are unwilling to hold wealth management products for more than 3 months; in the case of losses in wealth management products, nearly half of the users will bear no more than 3 months. "This is not value investment, and users are often operating with inertia and human nature." Li Peng said.
Peng Xingyun quoted the data of the central bank's research report when introducing the White Paper. The survey shows that the national consumer financial literacy index has increased year by year, increasing by 2.04 to 66.81 in 2021 compared with 2019.
"The financial literacy of the people has improved, but the national risk awareness is still relatively lacking." Peng Xingyun said that for example, the central bank's survey shows that from the accuracy of answering questions, some are more worrying, and only about 30% of people understand investment risks. Investment income in the past few years showed a gradual downward trend, indicating that China's financial market is becoming more and more complex, financial products are becoming more and more diversified, through the Internet and other channels, the people's investment and financial management availability is improved, but financial knowledge is still very lacking in some aspects, which has an adverse impact on China's financial risk prevention.
The transformation of the net worth of wealth management products has become an inevitable trend, and small and medium-sized investors need to improve financial and business education
"How to establish a scientific concept of investment and financial management and master the systematic knowledge of investment and financial management are the two major problems that small and medium-sized investors urgently need to solve now." Li Peng said that the release of the "White Paper" is also to let everyone pay attention to and understand, and there is a great need for such a supplementary and educational work in the financial market.
Another background is that the transition period of the new asset management regulations will end at the end of this year, and it is an inevitable trend for wealth management products to "break the rigid exchange" and transform the net worth.
Li Peng said in an interview with the Beijing News Shell Financial Reporter that breaking the rigid exchange is a very good thing, and there should not be a large number of rigidly exchanged products in the normal and healthy market. In such an irreversible background, the importance of financial literacy and education is more prominent. Users should identify their own situation, as well as the status of financial products and services in the market, so as to achieve "the right number to enter the seat".
He further said that in fact, users have been educated in the market. For example, more than 700 million people have used the balance treasure, knowing that the income placed in the monetary fund is higher than the bank demand; in recent years, P2P, virtual currency and other chaos have continued, many users have suffered losses, but also know that the market is uneven, there are illegal institutions trying to fish in muddy waters.
"The user's consciousness is awakening, knowing that on the one hand, they have rigid needs to be released, and on the other hand, without the ability to recognize and recognize, there is a 'tuition' to be paid." Therefore, users begin to accept to learn the relevant knowledge before investing in financial management, and then analyze the potential risks and benefits of it, and sit in the right seat. Li Peng said.
According to the survey data, 90% of users believe that financial and business education is very important; 610 million users use the Internet as a means of financial management, and this number is still growing rapidly. "Internet tools such as live broadcasts, communities, and lectures by famous teachers, which are popular with the public and are very skilled in daily use, have been applied to financial education and popularization." Li Peng said.
The survival of the fittest mechanism is taking shape in the market, and it is necessary to strengthen the top-level design of industry supervision
Although China's financial and business education is still in the early stage of development, the broad market prospects have also attracted many institutions, including banks and securities companies, to enter the market. The "White Paper" shows that China's current national financial and business education has formed a multi-competitive pattern of "head + waist + tail". From the perspective of geographical distribution, the more developed the economy, the more active financial and business education is.
However, at present, there is no clear regulatory coordination framework for financial and business education, the main body of supervision is relatively absent, and the phenomenon of multi-head supervision and unsound functional supervision in the industry is prominent. The threshold for the establishment of institutions is low, emphasizing marketing, light education, and even some educational institutions induce financial consumers to invest, the content of the course is uneven, and the overall quality still needs to be improved.
In this regard, the "White Paper" suggests that, first, around improving national financial literacy, promoting common prosperity, building and improving the legal, institutional and policy system of financial and business education, and accelerating the integration of financial and business education into the national basic education system; second, adhering to the principle of attaching equal importance to standardization and development, strengthening the top-level design of financial and business education supervision, based on the principle of functional supervision, building dynamic and timely multi-departmental coordination supervision; third, strengthening the public welfare of financial and business education, and enhancing the social responsibility of industry institutions; fourth, enriching the content and form of financial and business education. Improve the effectiveness and quality of financial and business education; fifth, adapt to the development requirements of the digital age, and use advanced scientific and technological means to improve the level and efficiency of financial and business education.
"Financial and business education needs to have a school education, family education and social education trinity of mutual integration and complementarity of the whole." Peng Xingyun stressed.
In Li Peng's view, the improvement of national financial and business literacy is a thing that requires lifelong efforts, and it cannot be solved overnight. He told reporters that the "track" of financial and business education in the past one or two years has been very lively, but with the increasing standardization of the industry, 90% of the institutions that have entered the market with a speculative mentality have withdrawn in the past six months, and the head of the industry has become increasingly prominent.
Text/Cheng Weimiao
Edited by Zhao Fangyuan Proofreader Wei Zhuo
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