On March 25th, Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University (SJTU) and Charles Schwab jointly released the 2025 China Residents Financial Literacy Report.
This collaborative research initiative, established in 2022, tracks financial literacy trends among Chinese residents while examining key influencing factors and delivering strategic recommendations for policymakers and financial institutions.
The ceremony welcomed prominent leaders including Shijun Cheng (Executive Dean, Chair Professor of Accounting); Fei Wu (SAIF Professor); Zhipeng Yan (SAIF Professor); Thomas Pixley (General Manager of Charles Schwab Shanghai); Lefeng Zhou (President of Xiangcai Securities); and Ran Zhao (Chief Analyst, Non-Bank Financial Research, China Securities). All shared insights on fostering long-term awareness and enhancing financial literacy.
Opening Remarks
In his opening remarks, Professor Cheng celebrated the fourth annual release, praising the research for “responding to real-world concerns through academic inquiry and serving society through research.” He called financial literacy “a fundamental capability” and financial education “a cornerstone of financial security and social stability.” He also expressed confidence that the SAIF-Schwab partnership would help foster a more rational, inclusive, and sustainable financial ecosystem.
Key Findings
Professor Fei Wu presented key findings of the Report: overall financial literacy has steadily improved over four years, with narrowing gaps across dimensions. However, room for improvement remains in consumer rights, responsibilities, and financial planning.
Professor Wu highlighted a critical insight from this year’s report: residents’ long-term investment awareness is essential for personal pension participation, yet long-term orientation remains a weakness. The share of respondents with long-term goals and understanding of long-term funds for retirement has declined. “Long-term investing is vital for healthy markets and navigating cycles,” he said. “We call for joint efforts to promote long-term principles via stronger tax incentives and more long-term tools.”
Panel Discussion
Following the presentation, Professor Wu moderated a panel discussion on “Building a Foundation of Financial Literacy with Long-Termism.” Panelists from academia and industry discussed long-term goals, financial planning, and retirement—offering constructive recommendations on how to effectively enhance financial literacy nationwide.
Professor Zhipeng Yan noted that different financial goals vary in complexity, and for long-term, uncertain goals like retirement, individuals should start planning early. Lefeng Zhou echoed that residents will need to take greater responsibility for their own retirement, and starting now delivers long-term value.
Drawing on international experience, Thomas Pixley observed that even in the mature U.S. market, long-term investors are made, not born, through policy, market dynamics, and education. The key is a long-term goal, guiding investors to build appropriate portfolios, adjust over time, and navigate cycles to achieve life aspirations.
