Chinese people lead a life of luxury before they can afford it and they lack knowledge of money management, said Zhang Xiong, president of China's investment and financing-promotion council.
Zhang said this during an interview with reporters from Information Times recently.
He also said Chinese people should not blindly purse luxury consumption but instead make a financing plan and improve the money efficiency.
China has become world's second largest consumer of luxury goods, and the total volume of luxury goods accounted for 27.5 percent of the total in the world, according to statistics released by China's Academy of Social Sciences recently. China will become world's largest consumer of luxury goods in another five years.
A recent survey shows insurance density is 5,000 U.S. dollars per person in the United States, 2,000 U.S. dollars in Japan, 1,000 U.S. dollars in Taiwan and only 37 yuan on the Chinese mainland. The survey also noted that 75 percent of the Americans have a concept of financial management along with 60 percent of Japanese and 56 percent of Hong Kong residents. However, less than 15 percent of Chinese have such a concept. In addition, Chinese people have many misunderstandings about money management, such as a lack of judgment, being afraid of exposure of wealth and single investment structure, among others, according to financial expert Hu Xiangyang.
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