Re-conceptualizing financial literacy in China's higher education: An exploratory qualitative study

With rapid economic development, financial literacy plays an increasingly important role in helping individuals navigate the complexities of modern financial systems and products. The importance of financial literacy is particularly pronounced in China, one of the largest economies in the world, especially for university students who are encountering increasing challenges in financial management. To address the lack of context-specific, up-to-date interpretations of financial literacy for Chinese university students and the lack of targeted financial education programs, this qualitative study recruited 25 students from China’s higher education providers. Interview data highlighted two aspects of financial literacy: knowledge-informed financial behavior (including budgeting and expense management, savings and investments, credit and debt management, consumer rights and protection, digital financial literacy, and financial security) and financial attitude (proactive attitude, responsible attitude, future-oriented attitude, and adaptability). Furthermore, academic and extracurricular support, enhanced accessibility of financial education, collaborations with financial institutions, and the role of faculty advisors were identified as important resources that higher education providers can offer to enhance students’ financial literacy. Implications for higher education providers include the need to consider students’ needs and challenges when offering financial education opportunities and facilitating collaboration with stakeholders.