Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University and Charles Schwab unveiled their 2024 China Residents Financial Literacy Report at a release ceremony on April 18th, 2025. 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 Guangshao Tu, Founding Chair of the SAIF Board; Xinan Zhang, Secretary of the CPC SAIF Committee; Feng Li, Deputy Dean and Chair Professor of Accounting; Fei Wu, SAIF Professor; Thomas Pixley, General Manager of Charles Schwab Shanghai; and Haining Xu, Former Vice President of Orient Securities and Former Head of its Wealth Management Committee.
Secretary Xinan Zhang opened the proceedings by celebrating the Report's strategic value within the context of China's ongoing financial market reforms. Thomas Pixley emphasized investor education as Charles Schwab's foundational mission, drawing on the organization's five-decade legacy to stress the importance of customized financial education programs that address varying literacy levels and to integrate seamlessly with daily financial services in order to enhance decision-making capabilities.
Professor Fei Wu presented the Report's principal findings, revealing that Chinese residents demonstrate increasing engagement with wealth management activities, driven by diversifying financial products and evolving market conditions. The research underscores how financial literacy has emerged as a crucial factor in effective decision-making, while emphasizing the necessity of targeted, practical education programs complemented by professional guidance from financial institutions. "Building financial literacy requires sustained effort and practical application," Professor Wu noted.
Industry leaders and academics then explored the theme "Integrating Knowledge with Action: Advancing Literacy Through Financial Practice," examining retirement planning, household wealth management, and innovative approaches to financial education through a comprehensive panel discussion.
In his closing address, Professor Guangshao Tu acknowledged the Report's expanding influence since its inception. "Financial literacy development is fundamental to individual prosperity and industry growth," he stated. "Our mission requires deeper research, practical relevance, and inclusive education methods to strengthen national financial capabilities and enhance citizens' quality of life."