中国消费金融现状调查研究

未来研究方向
Future Research
研究人口特征、财富特征、投资经验、经济金融环境等对家庭投 资理财行为的影响 Research on the effect of household characters and economic condition, on the behavior of financial planning 我国个体投资者（家庭）整体的非理性程度研究，构建非理性指 标，客观描述目前我国居民投资者的理性程度 To study the bounded rationality of individual investor (household), construct rationality index to measure the sophistication of Chinese investors 投资者非理性对资本市场的影响：包括导致的对资产价格变动的 驱动，对资产价格波动的幅度的影响等 To study the effect of bounded rationality on capital market, including the effect on asset prices, the effect on volatilities, and etc
约有 30% 的信用卡使用人群对取现费用、罚款利率及信用卡风险等不 太清楚
About 30% of credit card users know little about fee charges to withdrawing cashes, penalty interest rate, and related risks of credit card
中国消费金融调查的目的和意义
Goals of Survey of Consumer Finance 科研机构的金融研究 Finance research by academic institutions 政府相关部门个人理财规划教育 Education on financial planning by government 金融服务业机构产品设计 Financial services and products design by financial institutions 国家经济策略的制定 Policy issues by government
北京地区被调查人员理财意识
Awareness of Financial Planning (Beijing)
整体理财观念较高， 但理财方式还存在一 定的盲目性和客观条 件及环境约束
Good awareness of financial planning with bounded rationality and limited access to financial products
北京地区被调查人员受教育程度
Education Distribution (Beijing)
典型特征：教育水平高 Feature: High education level
北京地区被调查家庭收入状况
Income Distribution (Beijing)
家庭年税后总收入分布
35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00%
信用卡主要用于刷卡消费及网络支付，临时借款的比例较高（ 12% ） ，信用卡之间相互支付比例约为 8% ，其中经常相互支付比例约 3%
Individuals use credit for shopping and online payment. The ratios of liquidity borrowing and inter-card payment is 12% and 8%, respectively
金融系统的一些特性又会直接影响到普通百姓的消费储蓄习惯
Some features of the financial system will affect an individual’s consumption/saving behavior
中国消费金融ຫໍສະໝຸດ Baidu查
China Consumer Finance Survey
0.00%
10.00%
20.00%
30.00%
40.00%
50 . 0 0 %
60.00%
房产占家庭资产价值超 50%
The ratio of real estate value to total assets is more than 50%
北京地区被调查人员信用卡使用情况
Credit Card Usage (Beijing)
信用卡普及率达 75% ，不办信用卡的主要原因是认为没有必要及引发 过度消费
More than 75% respondents own credit cards, those without credit cards think the credit cards are not necessary or could induce excessive consumption
北京地区调研小结
Summary for Beijing Results
较高教育水平及收入导致理财意识较强，理财知识能力尚欠缺 ，存在理财条件及环境的约束 A good awareness of financial planning, but constrained by limited knowledge and capability as well as limited financial services 家庭收入多样化，可保证收入比例较高，收入较为稳定
北京地区被调查家庭资产情况
Structure of Household Assets (Beijing)
家庭资产负债项目均值比例
自有房产目前市值 现金及活期存款 定期存款 股票市值 自有汽车市值 所投保险目前的价值 基金净值 商业资产 （ 商铺等 ) 其它大件耐用品价值 住房公积金账户累积 保值物品 养老金账户累积额 国债市值 其它金融资产 （ 外汇等 )
中国消费金融现状调查研究
China Consumer Finance Research
何平
He, Ping
清华大学经济管理学院金融系
School of Economics and Management, Tsinghua University 8610-62795754 heping@sem.tsinghua.edu.cn
5 10 15 20 25 30 40 50 60 70 80 90 100 150
家庭平均税后收入约 14 万元人民币，稳定收入比例较 高
Average annual income after tax is about 140,000 ￥ and the ratio of sustainable income is high
金融教育的重要意义
The Importance of Financial Education
理论上来说，金融教育是一个帮助个人（包括消费者、投资者和 职业金融从业人员）克服心理弱点、提高理性程度并拓展金融知 识的过程 In theory, financial education is a process to help individuals (including consumers, investors and professionals in finance industry) overcome their mental weakness, improve rationality, and expand their knowledge in finance 金融教育可以改变个人的消费储蓄习惯，会对一个国家的经济金 融体系产生深远的影响，决定了金融体系是否能实现资源的有效 配置 Financial education can shape the individual consumption and saving behavior, thus having a huge impact on the industrial organization of the economic system as well as the financial system, which determines the effectiveness of resource allocation through financial market
2008 年启动的花旗银行和清华大学中国金融研究中心合作项目 Launched in 2008 by Citi Bank & CCFR of Tsinghua University 大中小城市 , 每年 2000 户家庭 , 共将持续 3 年 For each year of the next three years, we will collect data from over 2000 households cities 家庭资产负债状况、消费储蓄借贷习惯、理财意识及需求等 Information on household, assets and liabilities, savings and consumptions, financial planning, etc 目前已完成北京地区调研（ 500 份问卷） So far, more than 500 samples are collected in Beijing area
Diversified household income sources, with a high ratio of sustainable income
受养老医疗等负担影响，消费、融资为较为保守，储蓄投资比 例高 , 房产投资比例较大 Conservative consumption and financing behavior and high saving rate due to the pressure of retirement and healthcare, with a high ratio of real estate
消费金融是金融系统的有机组成部分
Consumer finance is an important part of the whole financial system
普通百姓的消费储蓄习惯直接决定了金融系统的产品种类和结 构特征
The consumption/saving behavior of individuals directly affect the product variety and structure in the financial system
消费金融
Consumer Finance
消费金融研究的是关于家庭消费、储蓄和理财行为
Consumer finance studies the consumption, saving and financing planning behavior of a household or an individual
对中国金融教育的启示
Implications for Financial Education in China
中国的金融教育急需解决的问题是帮助投资者建立风险意识和理 财意识，了解金融产品和服务的本质和用途，并学习成熟的投资 理财技巧 The most pressing tasks at present for financial education in China are to build the awareness of risks and the awareness of financial planning, to understand the nature of financial products and services, and to learn more sophisticated investment skill 从长远来看，金融教育可以创造更多的金融产品和服务需求，促 进金融业的产品和服务创新 In the long run, financial education can create demand for new products and services, thus encouraging financial innovations