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    • 《上海高级金融学院：2024年中国新富人群财富健康指数报告（中英文版）（88页）.pdf》由会员分享，可在线阅读，更多相关《上海高级金融学院：2024年中国新富人群财富健康指数报告（中英文版）（88页）.pdf（88页珍藏版）》请在本站上搜索。 1、2024年10月October 20242024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEX2024年中国新富人群财富健康指数About SAIFAbout Charles Schwab&Co.,Inc.and Charles Schwab ChinaThe Shanghai Advanced Institute of Finance(SAIF)was established at Shanghai Jiaotong University in 2009,with strategic and financial support from t2、he Shanghai Municipal Government.As a member of Shanghais financial community,it strives to contribute to the development of Shanghai as a global financial center.SAIFs mission is to become a world class institution of research and advanced learning in finance and management.SAIF is committed to dev3、eloping top talent and cutting-edge knowledge,with a focus on Chinese markets and their global connections.The Charles Schwab Corporation(“Charles Schwab”,NYSE:SCHW)is one of the United States leading providers of financial services,with more than 350 offices,35.9 million active brokerage accounts,a4、nd USD 9.74 trillion in total client assets as of August 31,2024.Through its operating subsidiaries,Charles Schwab provides a full range of wealth management,securities brokerage,banking,asset management,custodial,and financial advisory services to individual investors and independent investment adv5、isors in the United States.Charles Schwab(Shanghai)Enterprise Management Consulting,Ltd.,(“Charles Schwab China”)is a Wholly Foreign Owned Enterprise and subsidiary company of The Charles Schwab Corporation.Through Charles Schwab China,the company will focus on providing investor education to suppor6、t public financial literacy and engagement with modern wealth management.上海高级金融学院与嘉信理财简介关于上海高级金融学院关于嘉信理财和嘉信理财中国上海交通大学上海高级金融学院是上海市人民政府为实现将上海建设成为国际金融中心的国家战略、满足上海乃至全国金融业发展并与国际接轨的迫切需要，依托上海交通大学而创建的一所按照国际一流商学院模式办学的金融学院，英文名称为Shanghai Advanced Institute of Finance(SAIF)。学院以汇聚国际一流师资、培养高端金融人才、构筑开放研究平台、形成顶级政策智7、库作为自己的必达使命。嘉信理财集团（纽交所代码：SCHW）是一家美国领先的金融服务机构。截至2024年8月31日，嘉信理财拥有逾350家分支机构，活跃交易账户3590万个，资产管理规模达9.74万亿美元。嘉信理财致力于为个人投资者和独立投资顾问提供全方位的财富管理产品和服务。其在美国的主营业务包括：证券经纪、银行业务、资产管理、账户托管以及投资顾问服务等。嘉信华礴（上海）企业管理咨询有限公司是嘉信理财于上海注册成立的一家外商独资企业和全资子公司。以该公司为平台，嘉信理财计划在中国市场着力开展投资者教育，提升中国投资者的金融素养，增强其对科学财富管理的参与度。About SAIF and Cha8、rles Schwab 目 录CONTENTS0244前 言ForewordIntroduction to the Index0345指数介绍2024 China Rising Affluent Financial Well-Being Index04462024中国新富人群财富健康指数Observations0648主要发现Appendices4082附 录本文件由上海高级金融学院和嘉信华礴(上海)企业管理咨询有限公司共同发布。其内容及文件中包含的任何附件仅作为一般信息，而非投资建议。此类信息未考虑投资者的特定投资目标、财务状况及个人需求，并非设计用于替代专业意见。投资者应在作出投资之前，根9、据自身的特定投资目标、财务状况及个人需求就 有关投资产品的适用性寻求独立专业意见。未经上海高级金融学院和嘉信华礴(上海)企业管理咨询有限公司明确书面同意，不得以任何形式复制或在任何其他出版物提及本文件及本文件所含的任何附件的任何部分作商业之用。本文件由上海高级金融学院和嘉信华礴(上海)企业管理咨询有限公司发布。2024 上海高级金融学院与嘉信华礴(上海)企业管理咨询有限公司发布。保留所有权利。本手册仅供2024年10月23日举办的“上海高级金融学院-嘉信理财2024中国新富人群财富健康指数”发布会使用。本手册内容仅供参考，不应视为买卖任何金融工具的建议。This document is iss10、ued by Shanghai Advanced Institute of Finance and Charles Schwab(Shanghai)Enterprise Management Consulting Ltd.Its content and any attachments contained in the document are for general information only,not investment advice.Such information does not take into account the investors specific investmen11、t objectives,financial situation and personal needs,and is not designed to replace professional advice.Investors should seek independent professional advice on the applicability of relevant investment products based on their specific investment objectives,financial situation and personal needs befor12、e making an investment.Without the explicit written consent of Shanghai Advanced Institute of Finance and Charles Schwab(Shanghai)Enterprise Management Consulting Ltd.,no part of this document and any attachments contained in this document may be reproduced in any form or mentioned in any other publ13、ications for commercial use.This document is issued by Shanghai Advanced Institute of Finance and Charles Schwab(Shanghai)Enterprise Management Consulting Ltd.2024 Shanghai Advanced Institute of Finance and Charles Schwab(Shanghai)Enterprise Management Consulting Ltd.All rights reserved.This booklet14、 is solely for the SAIF-Charles Schwab 2024 China Rising Affluent Financial Well-Being Index launch event to be held on October 23,2024.This is for information purposes only and is not to be construed as an offer to buy or sell financial products.1024-YPAZ 02过去一年，中国金融服务行业迎来深刻变革。新“国九条”强化金融为民的理念，推动金融行15、业回归初心，将保护中小投资者权益、满足人民群众日益增长的财富管理需求提上新高度。广大个人投资者的财富健康状况再度成为行业关注的焦点。作为经济发展的中坚力量，新富人群的财富健康对于中国资本市场乃至全社会经济的健康发展至关重要。近年来，房地产的投资属性日渐消退，金融产品供给逐渐成熟、多元，投资复杂性也随之提升。新富人群对美好生活的憧憬伴随着更复杂的财务需求，也面临着市场波动带来的更深层次的挑战。金融机构如何有效帮助这群肩负梦想的投资者成长为自己财富的合格第一责任人、实现对于财富生活的美好愿景，对新富人群的长期财富健康有着深远意义。在此背景下，嘉信理财和上海交通大学上海高级金融学院自 2017 年开16、始携手关注新富人群的财富健康主题，持续为中国市场提供关于新富人群财富健康的专业洞察。双方秉承互利共信的宗旨不断深化合作，在延续指数调研的基础上对热点问题加以关注和思考，持续探索金融机构应该如何为广大新富人群提供实实在在的帮助，并陪伴他们在财富之路上行稳致远。今年的指数显示，在家庭负债增多、市场波动性增强等主客观因素叠加之下，新富人群的财富信心在经历七年持续上升后首次遭遇瓶颈，投资中的保守和短期行为明显，在制定财务规划、聚焦长期目标等方面也有较大的提升空间。尽管存在这些迷茫和犹豫，新富人群在投资参与方面的表现却逆势提升，无论是寻求多元化投资、丰富海外资产配置，还是完善养老规划，新富人群均有不同程17、度的意识提升，也更加期待投资顾问为他们提供更专业的指导和帮助。尽管每年的报告在研究角度上各有侧重，但对金融服务机构的意义却八年来始终如一：从投资者的视角和需求出发，以专业服务为新富人群提供针对性指导，帮助其将积极意识转化为坚实行动，对金融服务机构而言既是义不容辞的责任，也是全新的转型和发展契机。我们诚挚地希望指数系列调研能为行业发展提供参考和借鉴，也期待和各方携手助力新富人群应对挑战，坚持做难而正确的事，以长期财务稳定和健康为逐梦人生之路打下坚实基础。前 言吴飞教授上海高级金融学院丽萨亨特国际市场董事总经理嘉信理财集团03上海高级金融学院和嘉信理财共同创立的“中国新富人群财富健康指数”旨在动态18、追踪新富人群这一推动中国乃至全球未来经济发展的群体对于自身财富健康的认知和变化。基于过去七年的指数调研结果，上海高级金融学院和嘉信理财共同开展了第八年度的调研，并以此得出2024年度的结论。调研的问卷设计、数据搜集和指数制作由全球领先的消费者研究与零售监测公司尼尔森IQ执行。新富人群是指正在走向富裕的消费群体，他们的投资行为和财富健康也因而会对金融市场和投顾行业的未来发展带来重要影响。指数介绍人民币12.5万至100万之间4592人2024年6月5日至6月28日受访者标准受访者人数和分布中国新富人群财富健康指数基于对财富信心、财务规划、资产管理及投资参与四项次指数的综合评估而得出。通过对受访者19、73个问题的调研，这四项指数分别涵盖以下指标：对个人财务状况的满意度、对个人财务增长前景的预期、影响个人财务状况的因素是否有正式的财务规划、是否定期审查财务规划、是否有清晰的时间规划、是否能在既定时间内实现目标是否有风险意识、是否对金融服务费用敏感使用金融服务的多样性、对投资顾问的态度、对数字金融平台的态度小于700万人民币(或约100万美金)可投资资产调研日期编制指标一线城市:2055人二线城市:1552人三线城市:985人成都、杭州、大连、厦门、重庆、武汉上海、北京、广州、深圳南通、石家庄、中山、昆明、襄阳年收入范围财富信心财务规划资产管理投资参与66.0368.2065.9669.73720、2.0272.2070.78607075652017201820192020202120222023202470.51*中国新富人群的财富信心、财务规划和资产管理水平小幅回落，但投资参与水平有一定改善。财富健康指数 2017年和2018年的调研样本中不含三线城市的新富人群。0479.7274.0538.2842.1230405060708071.3175.4178.9579.5676.6368.1068.8571.2174.3474.5179.2374.1871.3269.8849.3741.6440.1243.3445.2243.8036.7639.2145.4943.0646.5643.321、248.3541.51财富信心财务规划资产管理投资参与052017201820192020202120222023202406主要发现2024年中国新富人群财富健康指数家庭债务问题成为影响新富人群财富信心的一大因素养老意识提升但实际行动不足，目标明确的养老规划有助提升长期财富信心和满意度面对远虑近忧，新富人群的长期财务规划和准备水平有待提升理性应对市场波动、克服短期行为仍是一大挑战，专业投顾可发挥积极作用新富人群多元化投资需求增加，海外资产配置受到更多关注1256现金储蓄仍是主流配置选项，金融投资价值有待挖掘3407家庭债务问题成为影响新富人群财富信心的一大因素发现一108今年，中国新富人群的22、财富信心状况在历经七年连续上升之后遭遇瓶颈。其中，中等收入组别（月收入1.5-3万元）和高收入组别（月收入3万元以上）的财富信心分别下降了2.45分和5.26分，而低收入组别（月收入1-1.5万元）的信心却在连续两年下跌后逆势上扬，提高了1.69分。财富信心的改变也体现在新富人群对于重大财务问题的准备情况的主观认知上。高收入组别的表现虽然整体优于其它两个组别，但认为自己准备充分的受访者比例仅为38.6%，同比下降14.8个百分点；而低收入组别中相应的比例则由去年的24.8%跃升至今年的37.1%，超过了中等收入组别。家庭债务问题成为影响新富人群财富信心的一大因素2024年中国新富人群财富健康指23、数202020212022202320241-1.5万元1.5-3万元3万元以上新富人群财富信心指数变化(按月收入划分)74.3075.3178.2074.4081.1376.2675.8773.8871.970.1073.5673.6772.1973.8174.191进一步研究发现，家庭负债（包括抵押和无抵押贷款）增多可能是今年中、高收入组别财富信心下降的一大主要原因。中、高收入组别中分别有16.8%和22.4%的受访者将负债作为评估当前财务状况时的首要关注点之一，相较去年分别上升了4.9和8.6个百分点，而高收入人群对于负债之于个人财务状况的担忧更是达到了调研以来的新高。09各收入组别对个24、人债务问题的关注度(按月收入划分)20202021202220232024认为自己财务准备充分的新富人群比例(按月收入划分)1-1.5万元1.5-3万元3万元以上1-1.5万元1.5-3万元3万元以上20%30%40%50%37.1%33.1%38.6%202020212022202320245%10%15%20%25%22.4%16.8%12.6%2024年中国新富人群财富健康指数10不同收入受访者的家庭实际负债情况与他们的财富信心水平呈负相关。低收入组别中，有高达五成受访者家中没有任何负债，这一数字在中、高收入组别中仅在三成左右。同时，近半数（48.9%）高收入新富人群每月会将收入的10-25、30%用于还贷，还有7.4%负债收入比超过30%。不同债务状况的新富人群对于自身财富健康状况的评估也呈现出显著差异。对当前财务状况“非常满意”的受访者占比对未来五年财务状况“非常有信心”的受访者占比有债务人群39.7%无债务人群42.6%34.9%32.0%不同收入组别的负债收入比10%以下(不包含无负债)10%-30%30%以上不包含债务无法负担无负债1-1.5万元1.5-3万元3万元以上8.2%28.3%7.1%15.6%43.9%9.8%12.1%48.9%7.4%11从债务类型来看，消费贷和房屋贷款是新富家庭持有比例最高的两类债务。这一现象在高收入组别中尤为明显，且高收入组别中持有投资26、性房屋贷的比例大约是中、低收入组别的两倍。在债务对个人财富健康的影响日益凸显的情况下，新富人群需在财务规划中提高对债务的重视。今年，尽管有55.2%的受访者持有债务，但只有19.2%认为财务规划中应该包含债务。如下图所示，新富人群对这一项的认知度在财务规划应当包含的各项元素中最低。其中，24.0%的高收入新富人群在进行财务规划时考虑到了债务问题，优于中、低收入组别的18.0%和19.7%。新富人群持有各类债务情况(按月收入划分)您认为财务规划中应该包含哪些元素?60.7%63.0%75.2%41.0%44.3%50.0%50.0%42.3%25.5%49.7%42.9%21.7%1-1.5万元27、1.5-3万元3万元以上个人消费贷车贷居住性房屋贷投资性房屋贷债务19.2%40.0%资产配置策略财务目标40.5%可投资资产41.2%风险考量46.5%实现目标的时间38.1%12总体来看，高收入组别对于自己的财富生活有相对更敏锐的意识和更强的行动力，能积极采取行动规划财富未来，这一点在他们其他方面的投资行为中也有体现，我们会在后续报告中进一步阐述。财富管理不仅关乎资产端的储蓄和投资，负债端的管理对个人财富健康同样重要。金融机构应平衡投资和债务规划两方面的金融教育，提高人们对债务问题的重视度和准备度，帮助新富家庭筑牢财务安全根基，为长期财务目标的实现打下更扎实的基础。2024年中国新富人群财28、富健康指数债务对财富健康是一把双刃剑除了人们较为了解的财务目标、实现目标的时间表、风险承受度以及相应的资产配置策略等，债务也是财务规划中不可或缺的重要部分。我们一般将其分为良性债务和恶性债务：前者是在自己可承受的财力范围之内，且能帮助你积累资产权益并提高长期收入的债务；后者则往往是用于购买不断贬值的资产、满足当下短期需求并可能带来长期高利率的借贷。新富人群应积极培养正确的债务观念，善用良性债务来帮助资产的积累和财务目标的实现。如何合理管理债务、保持财富健康？了解自己的极限，不要过度借贷将债务纳入财务规划，未雨绸缪用负责任的方式对待债务，并及时清偿无抵押债务尽可能降低债务带来的额外费用，比如优先29、偿还利率高的债务认真考虑偿还债务在财务规划中的优先级，以防陷入只能还利息而还不起本金的境地，必要时可以向专业金融人士求助13面对远虑近忧，新富人群的长期财务规划和准备水平有待提升发现二22拥有财务规划的新富人群占比14新富人群的准备不足进一步体现在他们财务规划的表现上。今年，财务规划次指数为38.28分，相较去年大幅下降3.36分。拥有财务规划的受访者占比已连续三年下降，今年仅为58.7%，且较去年大幅下降6.1个百分点。今年，受访者普遍认为自己所担忧的财务问题（比如个人职业发展、医疗开支、子女教育）对个人财务状况的影响比往年更大，然而他们却并未能同步提升自己在应对这些财务问题时的准备程度。330、8.9%的受访者认为他们担忧的财务问题对自己的财务状况影响非常大，较去年显著提高6.8个百分点；而认为自己准备非常充分的受访者仅比去年提高了2.2个百分点。面对远虑近忧，新富人群的长期财务规划和准备水平仍待提升2024年中国新富人群财富健康指数对这些财务问题准备充分的受访者比例202220232024认为担忧的财务问题对财务状况影响非常大的受访者比例20222023202438.9%32.2%35.8%32.2%33.7%35.9%2020202120222023202462.7%66.6%65.5%64.8%58.7%不同年龄人群拥有财务规划的新富人群比例值得注意的是，不同年龄段和收入水平的31、人群对待财务规划的态度各有差异。最年轻（18-24岁）和年长（45岁及以上）的两个组别拥有财务规划的比例分别提升了7.4和10.7个百分点，而25-34岁及35-44岁两个中间群体则出现不同程度下降。收入方面，一高一低两个收入群体变化最为明显：低收入群体中有财务规划的比例仅为49.9%，同比大幅下降了12.8个百分点，在连续四年上升后首次回落；而高收入群体中的对应比例则提高了7.9个百分点，达到了78.6%，为2021年以来首次上升。中等收入群体中有财务规划的比例总体较为平稳，由去年的66.2%小幅上升至67.0%。对未来的迷茫是新富人群不愿制定财务规划的主要原因，而这种不确定性也导致新富人群32、出现或是急于求成或是随遇而安的两极化态度。“计划赶不上变化”是新富人群认为自己不需要财务规划的首要原因，且占比（31.9%）显著高于其他选项。202120222023202418-24岁25-34岁35-44岁45岁及以上新富人群认为自己不需要财务规划的原因1557.1%46.3%64.8%72.2%69.8%70.8%66.3%51.1%62.6%57.8%55.1%65.8%70.5%68.1%68.9%63.6%20.9%22.1%22.7%22.8%23.3%31.9%123456外部环境的快速变化会让规划难以落实原始资本太少，规划可能无用自己可能不会严格遵循财务规划已经拥有稳定的投资33、收入我对现状满意财务规划无法对我带来实质性帮助 16实现不同财务目标的预期时间（年）赡养父母应急储蓄自己创业子女结婚或创业购买投资性房产购买自住房子女教育退休养老结婚事实上，财务规划是建立、理解和实现个人目标的基础。它并非意在帮助人们一劳永逸地解决所有外部事件对财务状况的影响，而是一个持续更新的过程。我们需要根据主客观情况的不断变化定期审查和调整财务规划，以确保自己处在实现目标的正轨上。除此之外，超半数（52.9%）受访者没有为自己设定明确的实现财务目标的时间，占比连续三年上涨；而设定了时间线的新富人群对于实现目标都更为迫切，包括购房、成家、立业、赡养老人等人生中重要的财务目标的实现时间均有不34、同程度的缩短，反映出人们对外部环境的快速变化存在一定焦虑。2024年中国新富人群财富健康指数7.386.886.108.036.787.015.749.925.726.756.335.367.396.386.356.298.995.442023202417有无财务规划的人群在三个次指数上的表现有财务规划无财务规划尽管新富人群对财务规划的积极性或多或少受到影响，但数据显示，拥有财务规划仍有助于夯实各方面的财富健康状况，在当前的大环境下更凸显其必要性和价值。例如，有财务规划的人群在除了财务规划以外的三个次指数上表现均好于没有规划的人群，前者对自己的财富管理能力和财务状况的满意度也高于后者。财务规划35、是一项长期工作，在市场波动期怠于规划可能会在未来造成财务安全隐患。新富人群应更加积极地规划财务，专注实现长期目标。金融机构也有责任为其提供针对性的建议和指导，帮助新富人群做自己财富人生真正的主人。财富信心资产管理投资参与75.0472.6645.1379.89 79.4937.83发现三3现金储蓄仍是主流配置选项，金融投资价值有待挖掘18319与之形成鲜明对照的是，新富人群对金融投资的兴趣连续三年提升。今年，相比房产更青睐金融产品投资的受访者比例创五年来新高。同时，仅有9.9%的受访者更青睐房产投资。而投资方式灵活（40.7%）、流动性强易变现（37.9%）以及投资回报相对稳定（33.4%）是36、受访者偏爱金融产品的主要原因。现金储蓄仍是主流配置选项，金融投资价值有待挖掘新富人群持有投资性房产的变化趋势您更偏好投资房产还是金融产品？202120222023202432.5%26.7%18.7%12.5%拥有多套投资性房产的受访者占比拥有投资性房产的平均数量1.371.331.311.19指数调研发现，新富人群对房产投资的热情已连续三年消退，拥有两套及以上投资性房产的比例从 2021 年的 32.5%回落到 12.5%。各年龄段、收入群体、各线城市受访者对于投资性房产的持有率全线下降。20202021202220232024偏好金融产品偏好房产投资没有明确偏好40.3%45.0%25.037、%28.1%23.6%18.3%18.4%9.9%51.0%25.4%52.4%33.8%53.2%29.9%23.1%202024年中国新富人群财富健康指数尽管如此，新富人群的资产配置目前仍以现金和定存为主，结构较为单一，可见其尚未充分挖掘金融投资的价值。现金和定存在新富人群投资组合中的平均占比超过一半（57.3%），且有66.8%的受访者表示这是他们最青睐的资产类别，创调研以来新高。但收入较高的新富人群现金在投资组合中所占的比例有所降低：低收入组别的现金占比（63.2%）比高收入组别（47.6%）高出近三分之一。与此同时，新富人群持有现金和定存之外的金融投资产品的比例也创下四年来的新低，今38、年仅为72.2%。从受访者的主观回答来看，现金流动性高、个人投资能力有限、以及将现金视为投资组合里合理的组成部分是新富人群持有现金的三大主要原因。新富人群资产配置情况18.7%现金和定存57.3%其它海外投资0.3%股票7.0%基金8.9%银行理财产品7.8%新富人群青睐现金和定存的原因21.3%22.1%26.0%32.2%34.6%35.3%123456现金流动性高，可应对不时之需投资能力有限而选择更保守的投资方式现金是投资组合里合理的组成部分其它投资方式波动性太大对市场没信心对其它产品不了解21进一步深挖发现，受访者持有现金和定存的主要动机和他们实际持有现金的比例具有一定相关性。持有现金39、比例低于10%的新富人群大多认可“现金是投资组合里的合理组成部分”；持有现金比例在10-50%的受访者更重视预防性储蓄，以备不时之需；而持有现金比例大于50%的新富人群则主要是因自己投资能力有限而选择更保守的投资方式。此外，对于金融产品和房产投资没有明显偏好的人群现金持有比例尤其高，说明不知道投什么、怎么投可能也是许多新富人群持有大量现金背后的深层次原因。持有现金比例不同的新富人群青睐现金和定存的原因42.4%33.7%24.6%35.8%38.9%36.8%36.2%32.5%23.1%25.0%48.9%39.7%38.7%27.0%53.7%现金流动性高，可应对不时之需投资能力有限而选择40、更保守的投资方式现金是投资组合里合理的组成部分持有现金原因的占比现金在投资组合中的占比70%无明显偏好有明显偏好偏好金融产品50.6%现金和定存在投资组合中的占比(按受访者对房产和金融投资的偏好划分)不清楚/不知道63.0%偏好房产50.3%一样偏好62.5%2024年中国新富人群财富健康指数22令人庆幸的是，专业的投顾服务可以帮助新富人群根据自身需求规划闲置现金，有效地将储蓄转化为投资，在保留足够流动资金应对不确定性的前提下尽可能把握市场机遇。数据显示，使用过投顾的受访者持有现金和定存的比例为51.6%，未使用过的人群持有比例则高达65.2%。在使用了投顾的新富人群中，36.2%表示自己的投41、资表现获得了不同程度的改善，仅有4.0%的人投资表现不如以前。现金和定存在投资组合中的占比(按投顾使用情况划分)参见https:/ Company Institute):2022 FACT BOOK:A Review of Trends and Activities in the Investment Company Industry,p.191.2超额收益率指持有人在所有交易行为后的实际收益和持仓不动的收益之间的差别。3中国权益基金投资者行为白皮书（2019-2020），银华基金，2021 年 5 月。41周10年0.3%4.5%13.6%21.4%31.7%19.2%7.8%1.0%0.542、%新富人群选择短期持仓的原因38.6%36.7%36.3%35.8%26.1%12345即使考虑到交易成本，短期投资仍能带来较高回报担忧市场波动因资本有限需要撤出以转换投资标的寻求更热门的投资板块需要出售投资产品来应急这一点在短期投资者对于自己理财能力的评估上也有印证。70.1%的短期投资者表示对于自己的理财能力感到满意，其中最满意的是自己的市场分析能力。这一比例在长期投资者中下降至58.6%，且最满意的方面为风险管理能力。实际上，短期投资者实际的金融素养相较于长期投资者仍有较大的提升空间。长期投资者“金融素养”三问全对的比例高达43.1%，显著高于短期投资者与整体平均水平。所有持有基金的受访43、者短期投资者长期投资者新富人群对自己理财能力的满意度长期和短期投资者对自己理财能力最满意的方面长期和短期投资者“金融素养三问”全部答对比例满意一般不满意不知道66.8%27.1%24.6%33.5%5.7%5.0%7.4%0.4%0.3%0.5%70.1%58.6%长期投资者短期投资者风险管理市场分析投资组合构建54.3%52.2%52.2%12355.2%54.0%51.6%市场分析投资组合构建财务规划短期投资者所有持有基金的受访者长期投资者2024年中国新富人群财富健康指数2623.4%15.5%43.1%27这一现象在2020年之后参与投资的“新投资者”中更为普遍。35.9%的新投资者会44、选择追涨杀跌，占比远高于投资年限更长的群体。值得注意的是，投资顾问可以在一定程度上对投资者的追涨杀跌行为进行干预。数据显示，虽然投资顾问难以阻止投资者“追涨”，却能有效降低投资者在市场下行时因恐慌而“杀跌”的比例。不同投资年限人群追涨杀跌的比例是否有投顾对“追涨”和“杀跌”的影响2011年之前2011-2015年间2015-2020年间2020年及以后出现盈利后“追涨”的比例出现亏损后“杀跌”的比例第一次投资时间26.8%24.1%26.7%35.9%未使用过投顾服务使用过投顾服务55.6%35.1%63.7%62.5%对于短期行为的热衷一定程度上让新富人群在市场波动时容易做出情绪化的决策，即45、报告多年来发现的“追涨杀跌”现象。63.0%受访者会在获得浮盈后加仓43.6%受访者会在遭遇浮亏后“割肉”转而投资其他标的长期和短期投资者对投资顾问的评价调研同时发现，倾向于长期投资的新富人群对专业投顾服务的信赖度也更高。41.4%的长期投资者认为投资顾问非常有帮助，而仅有32.4%短期投资者有相同的想法。今年的数据为行业传递了一个积极信号，金融机构应在市场波动时更积极地与投资者对话，通过投顾服务和投资者教育帮助新富人群更理性地进行投资，在充满不确定性的环境中提供一份安稳。28我们为什么需要长期投资？市场波动是投资者必须面对的风险之一，在波动中近乎完美地把握每一次市场时机几乎不可能，而等待完美46、投资时机的成本通常超过等待这一时机所带来的收益5。对大多数人来说，相比于短期内的频繁择时、追涨杀跌，最好的策略就是尽快制定计划并积极进行长期投资，借助复利的力量获得长期增长、支持财务目标的实现。具体方式包括构建多元化投资组合、适时回顾资产配置、适当减持已盈利的投资等等。根据公募权益类基金投资者盈利洞察报告6，截至2021年3月31日，主动股票方向基金业绩指数过去十五年的累计涨幅高达910.68%，年化收益率16.67%。基民的盈利情况也与持有时间呈显著正相关：持有时间三个月以下的基民平均收益率为负，仅有不到四成盈利；而超过三个月时，平均收益率则由负转正，盈利人数占比也上升到63.72%。当持仓47、时间超过十年时，平均收益率达到了117.38%，98.41%的投资者获得了盈利。2024年中国新富人群财富健康指数公募权益类基金投资者盈利洞察报告，景顺长城、富国基金、交银施罗德，2021，参见https:/ 金79.6%保 险66.3%股 票58.4%债 券48.4%39.0%2024年中国新富人群财富健康指数33有/无投资顾问的人群中参与海外投资的比例投资顾问在新富人群的海外投资中同样扮演着重要角色。在使用过投顾服务的受访者中，有43.7%参与了海外投资，而这一比例在未使用投顾的受访者中仅为15.4%。随着新富人群对多元化投资的需求不断显现，金融机构应及时响应投资者需要，丰富金融产品供给，48、同时增强投资顾问、投资者教育等专业服务能力，帮助投资者理性构建多元投资组合，夯实长期财富健康。如何实现投资组合多元化？没有人能准确把握市场的波峰浪谷。保持投资组合多元化、投资策略的风险和财务目标相适配能够有效增强新富人群的财务韧性。海外投资也是多元化投资组合中的重要部分。历史数据证明，构建一个全球性的多元化投资组合能给予投资者更多机会参与全球各个市场的增长，并降低单个市场短期波动对组合净值的影响 7。尽管多元化投资无法完全规避亏损的可能性，但它仍被广泛视为在既定风险水平下提升整体回报的有效办法。此外，适时回顾，并根据自己的风险承受能力和实现财务目标的时间线动态调整投资组合仍然很有必要。嘉信理财49、，https:/ 体18-24岁25-34岁35-44岁45岁及以上觉得政府养老金不够觉得政府养老金够2023202425.1%33.9%42.1%34.3%28.3%29.0%33.0%28.1%27.2%29.7%51.8%37.6%投资股票、基金等高增长潜力产品咨询专业的投资顾问使用个人养老金账户投资银行理财产品等稳健类产品购买养老保险定期储蓄进一步对比有无养老规划的受访者的行为发现，拥有规划的新富人群对未来的设想更加清晰，养老准备的执行力也更强。例如，高达94.2%拥有养老规划的受访者表示非常明确自己是否会在国家法定退休年龄退休，而这一比例在没有规划的人群中则仅为64.5%。同时，有养50、老规划的人群中的87.6%会为自己的各项财务目标分别准备所需资金（例如开设独立账户），而这一比例在没有养老规划的人群中仅为27.9%。清晰的认知和持续的贯彻执行有助于提升长期财富信心和满意度。拥有养老规划的人群在总体财富健康和四项次指数中的表现都更为出色。同时，前者预计自己退休后所需的每月支出为平均17844元，也高于后者的11809元。新富人群在养老规划意识和财务准备程度等方面的不均衡发展为金融服务行业提供了契机。今年，拥有养老规划的受访者中表示需要专业投资顾问帮助的比例较去年上涨5.6个百分点，达到74.7%。这类需求在预估自己退休支出高于每月3万元的人群中尤为强劲，近90%表示需要专业投51、顾协助养老规划。有无养老规划的受访者财富健康各维度表现新富人群需要投资顾问协助养老规划的比例（按退休后预计月支出划分）73.0475.2857.8545.6080.1579.3438.9820.6572.9568.23总体财富健康财富信心财务规划资产管理投资参与有养老规划没有养老规划1万元以下1-3万元3万元以上89.0%74.7%70.5%37其中，需求最高的服务内容为帮助评估退休后所需的养老资金，这再度彰显了新富人群在理解养老所需的财务准备、树立符合现实情况的认知方面需要专业指导和帮助。此外，希望投顾帮助制定和调整养老规划、根据目标配置合适产品也是较为热门的需求。2024年中国新富人群财富52、健康指数无论收入高低或年龄大小，养老规划都宜早不宜迟。金融机构应把握机遇，深入了解新富人群在养老方面的财务需求，帮助其制定清晰的养老规划和适合的财务准备路径，让人们随着时间的推移能够更加从容不迫地迎接退休生活。38帮助管理个人养老金账户40.7%个性化定制养老规划并定期评估调整49.6%49.5%帮助评估退休后所需的养老资金配置合适的投资产品以达成目标提供财富传承和遗产规划建议45.9%新富人群希望专业投资顾问在养老规划方面提供的帮助50.8%39以全方位的财富管理服务助力新富人群财富健康近年来，社会经济和资本市场的一系列变革使得投资者对财富管理的需求趋于多元，这份报告中的数据也多次展现了新富53、人群对各类金融服务的接受度和参与度的提升。嘉信理财认为，财富管理是一套多维度的服务战略，应当从投资者的人生目标和家庭需求出发，覆盖其财富生活的方方面面。投资标的选择和组合构建虽是其中的有机组成部分，却远非财富管理的全部。今年的指数发现再次为金融行业的发展指明了方向。金融服务机构应把握机遇，及时倾听和响应新富人群的诉求，把客户的成功视作机构自身的成功，最终形成一个客户行为更加规范、机构与客户联结更为紧密的可持续财富管理行业环境，陪伴新富家庭不断走向财富健康。构建和维护基于财务目标的定制化投资组合，充分考虑各类投资工具1.投资计划评估退休生活所需资金，并针对该目标制定长期投资储蓄方案和路线图6.养54、老规划就所有权和受益人指定、受托人选择、资产分配、慈善捐赠等事宜提供专业咨询4.遗产规划为特定的家庭生活需要（如子女教育、赡养老人）提早规划2.家庭支持财富管理核心议题提供企业年金、保险等方面的规划和策略建议，帮助客户构筑风险屏障3.风险管理和保障提供借贷、债务管理等方面的专业建议和服务5.银行和信贷管理财富信心财务规划资产管理投资参与74.0538.28 42.1279.72+0.77-3.36-0.46-1.22附录一编制指标2024年中国新富人群财富健康指数：70.51对个人财务状况的满意度个人财务状况的影响因素对个人财务状况影响因素的准备程度对个人财务增长的预期具有风险意识资产投资组合55、和策略对管理费用的敏感度定期审查投资账户使用金融服务的多样性投资顾问或机构的贡献度对投资顾问或机构的信任度数字金融平台的贡献度对数字金融平台的信任度具备财务规划定期审查财务规划具有明确的时间规划在既定时间内实现财务目标的可能性-0.2740附录二各年龄段新富人群财富健康指数和次指数财富健康指数18-24 岁25-34 岁35-44 岁45岁及以上18-24 岁25-34 岁35-44 岁45岁及以上18-24 岁25-34 岁35-44 岁45岁及以上18-24 岁25-34 岁35-44 岁45岁及以上18-24 岁25-34 岁35-44 岁45岁及以上202474.8270.0270.256、470.04202368.4171.1771.0770.50202270.5973.2971.2872.01202169.7971.6672.4172.69202072.7869.1569.3370.59财富信心 78.2773.6473.7473.4971.4374.9874.5174.7973.5875.4473.0474.3572.3073.1874.4575.5274.9070.0471.1272.80财务规划51.0033.2941.0741.3738.5941.9345.9536.4228.6447.8245.7038.3136.5646.2646.0438.9253.6544.757、940.1539.77资产管理43.9542.4441.6341.0341.9343.2444.0443.3645.9045.0245.1145.5845.7046.4844.3345.2846.7547.1446.2745.29投资参与 83.1179.8378.9678.8277.2679.4078.7078.9678.7680.4178.4479.9176.8078.7479.6480.062024202320222021202020242023202220212020202420232022202120202024202320222021202078.4076.1476.3177.7958、41财富健康指数一线城市二线城市三线城市一线城市二线城市三线城市一线城市二线城市三线城市一线城市二线城市三线城市一线城市二线城市三线城市70.7469.9772.1270.6470.0570.9872.0671.8173.1071.4472.8372.6469.2370.5169.61财富信心 74.5973.3074.1374.1873.6776.5373.7074.1076.0273.1975.4874.7870.3172.3272.05财务规划36.8338.8740.3943.4739.6241.0147.2341.6140.0746.8638.3639.7643.8144.4936.59、69资产管理42.1941.6542.7143.1743.5043.4544.7645.8545.2145.8745.3643.9945.9847.6045.87投资参与 202420232022202120202024202320222021202020242023202220212020202420232022202120202024202320222021202079.7279.3780.2978.9178.1980.2479.4379.1180.5478.2280.5279.9176.4276.9476.58附录三各级别城市新富人群财富健康指数和次指数421-1.5万元1.5-3万元360、万元以上1-1.5万元1.5-3万元3万元以上1-1.5万元1.5-3万元3万元以上1-1.5万元1.5-3万元3万元以上1-1.5万元1.5-3万元3万元以上70.0270.6072.9368.9372.0276.5771.4772.4375.8771.8171.8373.2168.3770.6273.3973.8873.8175.8772.1976.2681.1373.6774.4078.2074.1973.5675.3170.1071.9074.3033.8241.8950.2139.4843.2847.8038.2848.7159.8937.2747.3357.7137.3949.6261、54.7541.0842.9644.9343.2943.4443.3344.9945.4145.9645.6245.4944.9945.9146.5149.1879.7879.3180.8777.2479.8585.1879.4479.2381.5779.5778.7878.7175.5877.0879.90附录四各收入群体财富健康指数和次指数 财富健康指数财富信心 财务规划资产管理投资参与 按月收入划分20242023202220212020202420232022202120202024202320222021202020242023202220212020202420232022202162、20204344Chinas financial services industry has undergone significant reform over the past year with the introduction of the new“Nine-Point Guidelines.”With a renewed emphasis on people-centered finance,the Guidelines expressly call on the industry to protect the rights and interests of individual in63、vestors,and better meet peoples ever-growing demand for wealth management services.As such,individuals financial well-being has once again become a question of utmost importance.As a powerhouse of economic growth,Chinas rising affluent and their financial well-being have significant impact on the he64、althy development of the countrys capital markets and the broader economy.In recent years,real estate has gradually given way to increasingly complex and diverse financial products as avenues for investment.At the same time,rising expectations for aspirational living standards have complicated the f65、inancial needs of the rising affluent and added to their financial stress,all while market volatility continuously impacts the financial lives.How financial institutions can empower these investors to take ownership of their personal investing and realize their financial aspirations will have far-re66、aching impacts on the long-term financial well-being of this large and influential group.Against this backdrop,Charles Schwab and the Shanghai Advanced Institute of Finance(SAIF)have been focusing on the rising affluents financial well-being and offering professional insights since 2017.For the past67、 eight years,we have continuously deepened our partnership based on mutual interest and trust,expanding from the Index to encompass research on other key industry topics.We remain focused on exploring ways by which financial institutions can contribute to the financial well-being of the rising afflu68、ent and support them on their financial journeys.This year,the Index saw the rising affluents financial confidence decrease for the first time after seven consecutive years of increase.The change is due to a myriad of factors including increased household debt and market volatility.Low tolerance for69、 risk and short-term behavior are prevalent,and there is room for improvement when it comes to financial planning around long-term goals.That being said,the rising affluent are increasingly engaged in wealth management whether by seeking ways to diversify their portfolios through overseas asset allo70、cation or by optimizing retirement plans.As they demonstrate rising awareness of financial issues across the board,the rising affluent are also expressing a growing desire for professional help and guidance.Although each of the eight editions of the Index has focused on different aspects of the risi71、ng affluents financial well-being,the implications for financial services institutions have remained unchanged.This moment of change and opportunity calls on the industry to better understand the needs and aspirations of the rising affluent,and provide professional,tailored,and client-centric servic72、es that support their goals.We hope our findings provide insights for the industry at a pivotal time of transformation.We look forward to working together to support Chinas investors and households,help them address existing shortcomings and secure a solid foundation for long-term financial security73、 and well-being.ForewordWU FeiProfessorShanghai Advanced Institute of FinanceLisa Kidd HuntManaging DirectorHead of International Services,Charles Schwab&Co.,Inc.45The China Rising Affluent Financial Well-Being Index,jointly launched by the Shanghai Advanced Institute of Finance(SAIF)and Charles Sch74、wab,aims to track the financial well-being and shifting perceptions of the people driving China and the worlds economic future.Building on the past seven editions of the Index,SAIF and Charles Schwab jointly conducted the eighth annual survey to conclude findings for 2024.Nielsen IQ,a global leader 75、in consumer research and retail monitoring,executed the survey questionnaire design,data collection,and index creation.The Rising Affluent are individuals who have not yet achieved high-net worth status,but whose striving towards greater prosperity will shape the future development of the market and76、 the financial advisory industry.Introduction to the IndexRespondent CriteriaBetween CNY 125,000 1 million4,592 peopleJune 5 June 28,2024Personal annual incomePeople and cities surveyedTier 1:2,055Tier 2:1,552Tier 3:985Chengdu,Hangzhou,Dalian,Xiamen,Chongqing,WuhanShanghai,Beijing,Guangzhou,Shenzhen77、Nantong,Shijiazhuang,Zhongshan,Kunming,XiangyangLess than CNY 7 million(or equivalent to USD 1 million)Investable assetsSurvey field datesThe China Rising Affluent Financial Well-Being Index evaluates the overall financial well-being of modern Chinese investors through a rigorous survey examining fo78、ur sub-indices of financial behavior and attitudes.Survey respondents were asked a total of 65 core questions related to these sub-indices:Satisfaction with personal financial status,sense of personal financial growth prospects,and sentiments towards financial concerns.Having and routinely reviewing79、 a financial plan,setting timelines for financial goals,and beliefs regarding the possibility of achieving financial goals.Having a sense of risk,attitudes towards portfolio management,and sensitivity towards fees.Diversity of financial services used,engagement with professional financial advisors,a80、nd sensibilities regarding digital financial advisory platforms.MethodologyConfidencePlanningManagementEngagement66.0368.2065.9669.7372.0272.2070.78607075652017201820192020202120222023202470.51The 2024 China Rising Affluent Well-Being Index saw confidence,planning,and management indices dip slightly81、,while engagement improved.46Overall Financial Well-Being Index*2017 and 2018 did not include data from Tier 3 cities.79.7274.0538.2842.1230405060708071.3175.4178.9579.5676.6368.1068.8571.2174.3474.5179.2374.1871.3269.8849.3741.6440.1243.3445.2243.8036.7639.2145.4943.0646.5643.3248.3541.51472017201882、201920202021202220232024EngagementSub-IndexManagementSub-IndexPlanningSub-IndexConfidenceSub-IndexHousehold debt emerges as a key concern driving the decrease in financial confidence.Increased awareness of retirement planning is not matched with actions.A clear,goal-based retirement plan contributes83、 to long-term financial confidence and satisfaction.Lagging preparedness for key financial concerns indicates room for improvement in long-term planning.Overcoming irrationality and short-term behavior remains a key challenge;professional financial advice can help.The rising affluent show growing de84、mand for diversification,with overseas investment gaining traction.124563Money is sitting on the sidelines as the rising affluent have yet to fully recognize the value of financial investment.Headline Observations482024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEX49Household debt emerges as a ke85、y concern driving the decrease in financial confidence.Observation 112024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEX50This year,Chinas rising affluent reversed seven straight years of increase in their financial confidence.The middle-income(those earning RMB 15,000-30,000 per month)and high-in86、come(those earning more than RMB 30,000)groups confidence scores dropped by 2.45 and 5.26 points respectively.By contrast,the low-income group(those earning RMB 10,000-15,000)demonstrated an increase of 1.69 points in confidence after two years of decline.The change in confidence is also reflected i87、n respondents self-perception of their preparedness for their key financial concerns.While the high-income group is most financially prepared,the proportion of high-income respondents who believe they are well-prepared was only 38.6%,down 14.8%year-on-year.Among low-income respondents,the correspond88、ing proportion jumped from 24.8%last year to 37.1%this year,surpassing that of the middle-income group.Household debt emerges as a key concern driving the decrease in financial confidence.2020202120222023202410-15k15-30k30k+Confidence sub-index scores change(by monthly income)74.3075.3178.2074.4081.89、1376.2675.8773.8871.970.1073.5673.6772.1973.8174.191Further investigation indicates that increased household debt,which can include secured and unsecured debt,may be a contributing factor to the decline in financial confidence among the middle and high-income groups.In these two groups,16.8%and 22.490、%of respondents,respectively,cite debt as one of their primary financial concerns,up 4.9%and 8.6%respectively from last year.The high-income groups concern regarding debt reached its highest point since the inception of this study.51Percentage of respondents who regard debt as a current concern(by m91、onthly income)20202021202220232024Percentage of respondents who believe they are financially well prepared(by monthly income)20%30%40%50%37.1%33.1%38.6%202020212022202320245%10%15%20%25%22.4%16.8%12.6%10-15k15-30k30k+10-15k15-30k30k+2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEX52The rising a92、ffluents financial confidence tends to decline as their household debt increases.Nearly half of the low-income respondents do not have any household debt,while the numbers for middle-and high-income groups are only 30.5%and 31.7%,respectively.Meanwhile,48.9%of the high-income rising affluent spend 193、0-30%of their monthly income on debt repayment,and a further 7.4%spend over 30%.Debt also has a substantial impact on the rising affluents attitudes toward their current financial status.%of respondents who are“very satisfied”with their current financial status%of respondents who are“very confident”94、with their financial status in five yearsRespondents with debt39.7%Respondents without debt42.6%34.9%32.0%Debt-to-income ratio(by monthly income)Below 10%(excluduing respondentsthat are not indebted)10%-30%Over 30%(excluding respondentsthat cannot afford their debt)Not indebted10-15k15-30k30k+8.2%2895、.3%7.1%15.6%43.9%9.8%12.1%48.9%7.4%53Personal consumption loans and property mortgages are the two major types of debt held by the rising affluent,which is particularly pronounced in the high-income group.The proportion of high-income respondents holding investment property mortgages was almost doub96、le that of the middle-and low-income groups.In light of this,the rising affluent should attach more importance to debt in their financial planning.This year,while 55.2%of respondents reported having debt,only 19.2%believe debt should be considered as part of a financial plan.Of the high-income group97、,24.0%of respondents include debt in their financial planning,performing better than the middle-and low-income groups,in which only 18.0%and 19.7%include debt,respectively.10-15k15-30k30k+Types of debt held by the rising affluent(by monthly income)What elements do you think should be included in a f98、inancial plan?60.7%63.0%75.2%41.0%44.3%50.0%50.0%42.3%25.5%49.7%42.9%21.7%Personal consumption loanCar loanPrimary property mortgageInvestment property mortgage Debt19.2%40.0%Asset allocationFinancial goals40.5%Investable assets41.2%Risk consideration46.5%Time horizon38.1%54Debt is a double-edged sw99、ord for financial well-beingApart from well-known aspects including financial goals,time horizon,risk consideration,and asset allocation strategy,debt is also a key component in financial planning.We generally categorize debt into good debt versus bad debt,with good debt describing things that aim t100、o build your net worth or help you increase your lifetime earnings;bad debt would be borrowing that goes toward a depreciating asset to satisfy short-term needs,or any debt that carries a high interest rate.The rising affluent should actively work toward building an accurate understanding of debt an101、d use good debt wisely to accumulate wealth and achieve financial goals.Overall,the high-income group has a relatively more nuanced understanding of their financial lives and exhibit stronger motivation to take action in planning their financial futures.This is also reflected in other aspects of the102、ir investment behavior,which will be further discussed throughout the report.Wealth management encompasses both assets and debts.Financial institutions should enhance peoples awareness of the role of debt in long term financial planning through balanced investor education,thereby contributing to the103、 rising affluents financial security and laying a solid foundation for the achievement of their long-term financial goals.How to maintain healthy debt to ensure financial well-being?Know your limits and dont take on more obligations than youre comfortable withMake it part of the financial planKeep y104、our good debt good while ensuring you pay off unsecured debt in timeSeek to minimize the effective cost of debt,and focus on paying off the debt with the highest interest rate firstCarefully consider the priority of debt repayment in your financial planning to prevent being stuck in a situation wher105、e you can only pay the interest but not the principal.Seek help from a financial consultant when necessary.2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEX55Lagging preparedness for key financial concerns indicates room for improvement in long-term planning.2Observation 22024 CHINA RISING AFFLU106、ENT FINANCIAL WELL-BEING INDEX2Percentage of respondents with financial plans56The rising affluents lack of preparedness is further reflected in their financial planning activities.This year,the financial planning sub-index recorded a score of 38.28,a significant drop of 3.36 points from last year.O107、nly 58.7%of respondents said that they have a financial plan,down 6.1%from last year and declining for three straight years.This year,respondents feel that the impact of financial concerns,such as personal career development,medical expenses,and childrens education,on their overall financial status 108、is greater than that of last year,but they have not stepped up efforts in preparing for these concerns.38.9%of respondents believe the impact is very significant,a substantial increase of 6.8%from last year,while the proportion of respondents who feel financially well prepared for these concerns onl109、y increased 2.2%in the same time frame.Lagging preparedness for key financial concerns indicates room for improvement in long-term planning.2020202120222023202462.7%66.6%65.5%64.8%58.7%of respondents who believe financial concerns have significant impact on their financial status%of respondents who 110、feel financially well prepared for financial concerns20222023202420222023202438.9%32.2%35.8%32.2%33.7%35.9%Percentage of respondents practicing financial planning(by age group)Notably,the rising affluent s attitudes towards financial planning vary across different demographic groups.The proportion o111、f the youngest(aged 18-24)and oldest(aged above 45)age groups practicing financial planning increased by 7.4%and 10.7%,respectively,from last year;whereas the same proportion in the two middle-age groups show varying degrees of decline.Across different income levels,changes in financial planning beh112、avior are most pronounced in the high-and low-income groups:only 49.9%of low-income respondents state that they have a financial plan,a significant drop of 12.8%year-on-year and the first drop in four years.Meanwhile for the high-income group,this proportion increased by 7.9%to 78.6%,the first incre113、ase since 2021.The proportion of middle-income respondents practicing financial planning remains relatively stable,increasing slightly from 66.2%last year to 67.0%this year.Uncertainty about the future is the main reason why the rising affluent are reluctant to engage with financial planning.This le114、ads to polarized attitudes toward wealth management,with respondents either becoming too eager to achieve short term results or not taking action at all.“External events will reduce the plans usefulness”is the most common justification for not having a financial plan,with 31.9%of respondents selecti115、ng this option.18-24 Y.O.25-34 Y.O.35-44 Y.O.45+Y.O.Reasons for not practicing financial planning5720.9%22.1%22.7%22.8%23.3%31.9%123456External events will reduce the plans usefulnessInsufficient capital for financial plan to be usefulI will not act in accordance with the planHave a stable investmen116、t incomeSatisfied with current financial situation Financial plans cannot help me57.1%46.3%64.8%72.2%69.8%70.8%66.3%51.1%62.6%57.8%55.1%65.8%70.5%68.1%68.9%63.6%20212022202320242024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEX58In fact,a financial plan is the foundation on which to build,underst117、and,and achieve ones goals.It is not designed as a one-off exercise that can withstand all external events,but should rather be understood as an ongoing process that requires regular review and adjustment in response to changing circumstances to ensure one is on track to achieve financial goals.The 118、proportion of respondents who have not set a clear timeline for achieving their goals has also increased for three straight years,standing at 52.9%this year.Meanwhile,respondents who do have a timeline have shortened the time horizon for achieving important goals,including preparing for marriage,sav119、ing capital to start a new company and procure real estate,and supporting elderly parents,reflecting a sense of anxiety over the external fast-changing environment.Expected time to achieve different financial goals(years)Support for elderly parentsSufficient money forpossible emergenciesCapital to s120、tart a businessFor children to get married or establish their own business Real estate for investmentReal estate for livingChildrens educationPreparation for retirementMarriage preparation202320247.386.756.886.336.105.366.786.388.037.397.016.355.746.299.928.995.725.4459Sub-index scores for responden121、ts with/without financial plansHave a financial planDo not have a financial planDespite this,the survey results indicate that increasing engagement with financial planning contributes positively to all aspects of financial well-being,especially in the face of market volatility and uncertainty.Respon122、dents who have a financial plan outperform those who do not on all three sub-indices other than financial planning.The former group is also more satisfied with their personal wealth management capabilities and current financial status.Financial planning is a long-term endeavor and neglecting to plan123、 ahead during periods of market volatility may pose risks to financial security in the future.The rising affluent should therefore take a more proactive approach to financial planning and focus on achieving their long-term goals.Financial institutions also have a responsibility to provide targeted a124、dvice and guidance to help the rising affluent take ownership of their financial future.ConfidenceManagementEngagement75.0472.6645.1379.89 79.4937.83Observation 33Money is sitting on the sidelines as the rising affluent have yet to fully recognize the value of financial investment.60361Coinciding wi125、th this is a three-year increase in the rising affluents preference for financial products over real estate,with the proportion recording a five-year high in 2024.In contrast,only 9.9%state that they favor real estate investment.Flexibility(40.7%),liquidity(37.9%),and relatively stable investment re126、turns(33.4%)are the main reasons cited by respondents for favoring financial investments.Money is sitting on the sidelines as the rising affluent have yet to fully recognize the value of financial investment.Investment preferences for real estate vs.financial products202120222023202432.5%26.7%18.7%1127、2.5%Average number of investmentproperties owned%of respondents who own two ormore investment properties1.371.331.311.19Our Index study has shown a decline in the rising affluents interest in real estate investment for four consecutive years.The proportion of respondents who own two or more properti128、es for investment fell from 32.5%in 2021 to 12.5%this year,a trend that is broadly consistent across age,income,and location.20202021202220232024Prefer financial productsPrefer real estateEqual preference40.3%45.0%25.0%28.1%23.6%18.3%18.4%9.9%51.0%25.4%52.4%33.8%53.2%29.9%23.1%Ownership of investmen129、t properties2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEX62The rising affluents portfolios continue to be dominated by cash and fixed deposits and lack diversification,suggesting that they have not fully recognized the value of financial investment.Cash and fixed term deposits account for mo130、re than half(57.3%)of the rising affluents average investment portfolio,with 66.8%of respondents viewing these as their most preferred asset type,hitting an all-time high since the inception of this study.Notably,the proportion of cash and fixed deposits held by the low-income group(63.2%)is nearly 131、one-third higher than that of the high-income group(47.6%).At the same time,only 72.2%of respondents have a diversified portfolio beyond cash and fixed-term deposits,a record low in the past four years.High liquidity,having limited personal investment knowledge,and cash being a reasonable component 132、of an investment portfolio are the most common reasons the rising affluent give for holding cash.Average investment portfolio makeup18.7%Cash and fixed term deposits57.3%OthersOverseas investment0.3%Stock7.0%Fund8.9%Bank wealth management products(Bank WMPs)7.8%Reasons for holding cash and fixed ter133、m deposits21.3%22.1%26.0%32.2%34.6%35.3%123456Need for higher asset liquidity for unexpected needsI have limited investment capability and prefer a more conservative approachCash is a reasonable component of an investment portfolioOther investment methods are perceived as having high risk and excess134、ive volatilityLack of confidence in the marketInsufficient understanding of other investment options63Further analysis reveals that the proportion of cash in the rising affluents portfolios is highly correlated with their main reasons for holding cash.Respondents with less than 10%cash holdings most135、ly view cash as a reasonable component of the investment portfolio;those with cash holdings of 10-50%cite“cash is highly liquid and can come in handy for unexpected needs”as the top reason;whereas those with cash holdings of more than 50%believe they have limited investment knowledge and thus prefer136、 more conservative investments.In addition,respondents without a clear preference between financial products and real estate investment hold particularly high proportions of cash.This indicates that not knowing what to invest in and how to invest are likely a root cause of the rising affluents high 137、cash holding rate.Reasons for holding cash(by cash holding rate)42.4%33.7%24.6%35.8%38.9%36.8%36.2%32.5%23.1%25.0%48.9%39.7%38.7%27.0%53.7%Reasons for holding cash Without clear preferencesWith clear preferencesPrefer financial products50.6%Cash holding rate(by preferences for financial products vs.138、real estate)Not sure/Dont know63.0%Prefer real estate50.3%Same preference62.5%Need for higher asset liquidity for unexpected needsLimited investment capability,preferring a more conservative approachSavings are a reasonable component of the investment portfolioCash holding rate70%64Fortunately,profe139、ssional financial advisory services can effectively help the rising affluent better allocate excess cash holdings in line with their individual needs,thereby balancing the need to ensure short-term liquidity with achieving longer-term growth.Data shows that among respondents who have consulted a fin140、ancial advisor,cash and fixed term deposits account for 51.6%of their average investment portfolios,compared to 65.2%for those who have not.Of respondents who have sought advice from a professional advisor,36.2%report improvements in their investment performance following consultation,while only 4.0141、%report a decline.Is more cash always better in wealth management?Cash serves two main functions in our financial lives:One is liquidity cash that is held flexibly in the form of current savings to support daily expenses.Setting aside a certain amount of cash in an account that is safe and easily ac142、cessible plays a critical role in ones financial health.For families with relatively stable living conditions,the emergency fund should typically be able to cover 3-6 months of essential living expenses,including housing costs,food,transportation,utilities,and medical expenses.Single-income families143、,those in highly specialized jobs,and individuals with irregular incomes might consider increasing allocation in their emergency funds.The other is investment cash that is low-risk,low-return,and therefore makes up a key part of maintaining stability in a portfolio.This could also include cash equiv144、alents such as money market funds.However,holding too much cash due to risk aversion can lead to missed opportunities for long-term returns and harm peoples ability to achieve long-term financial goals.Taking the US market as an example,while the S&P 500 reached its 2009 low on March 6,2009,the inde145、x was up more than 20%from its lows by March 23 and had fully recovered its Great Recession losses by March 2013.Investors who simply bought the SPDR S&P 500 ETF Trust on the day the S&P 500 bottomed out in 2009 would have enjoyed a total return of more than 500%by early 2023.1 However,many investor146、s struggled to endure the 18-month bear market,reducing their holdings out of panic or risk aversion,and thus missed out on the subsequent rally.Past performance is no guarantee of future results.*Cash holding rate for respondents who have vs.have not consulted a financial advisorRetrieved from http147、s:/ consulted a financialadvisor Have not consulted a financialadvisor57.3%65.2%51.6%2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEXOvercoming irrationality and short-term behavior remains a key challenge;professional advice can help.654Observation 4Percentage of respondents who identify short148、 term investment return as financial concern(by monthly income)Overcoming irrationality and short-term behavior remains a key challenge;professional advice can help.2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEX66Market volatility over the past year has posed challenges to overall investment 149、performance,with the high-income group suffering the greatest losses.Of respondents in the high-income group,13.5%experienced an investment loss of over 10%in the past 12 months,a significant increase from 1.6%in 2023.Against this backdrop,the rising affluent are paying more attention to short-term 150、gains,with 27.0%of the middle-income group and 35.9%of the high-income group,respectively,listing short-term investment return as a financial concern.These figures increased for the first time in four years.Return on investment in the past year(by monthly income)10-15k15k-30k30k+202120222023202430.7151、%27.6%29.6%27.2%23.0%35.9%27.0%26.9%4More than 10%gain0-10%gainFlat 0-10%lossMore than 10%lossNot sure/Dont know10-15k30k+0.2%0.6%0.4%3.8%5.1%44.7%17.3%28.7%6.6%8.3%42.1%26.9%15.8%13.5%12.5%31.0%28.1%14.2%67Reasons for holding funds for less than one yearMutual fund holding periodsThe rising affluen152、ts short-term orientation is also underscored by their mutual fund holding periods.This years survey shows that 71.5%of respondents hold mutual funds for less than a year(hereinafter“short-term investors”),including 39.5%who hold them for less than six months.On average,the surveyed rising affluent 153、hold mutual funds for 1.14 years only,compared to 4-5 years among US mutual fund investors,according to a 2022 survey by the Investment Company Institute(ICI).2When asked about the reasons for short-term investing,38.6%of respondents believe they can gain more profits from frequent trading than from154、 long-term investing,even after deducting trading costs.In fact,frequent trading typically leads to higher costs,as each transaction incurs purchase,redemption,and/or service fees.Research from the China Equity Fund Investor Behavior White Paper(2019-2020)shows that the monthly excess return rate be155、tween 2009 and 2020 for investors with a high turnover rate was-1.31%3,compared to-0.13%for those with a low turnover rate.4Investment Company Institute:2022 FACT BOOK:A Review of Trends and Activities in the Investment Company Industry,p.191,https:/icifactbook.org/2022/pdf/2022_factbook.pdf.2“Exces156、s return rate”is defined as the additional return on investment achieved after trading,and which surpasses the investments benchmarkecd return rate had the investor not traded or taken risks.3Chinese Fund Investor Investment Behavior White Paper(2019-2020),Yinhua Fund Management Co.,Ltd,2021,retriev157、ed from https:/ thana weekLess thana month1-3months3-6months6-12months1-2years2-5years5-10yearsMore than10 years0.3%4.5%13.6%21.4%31.7%19.2%7.8%1.0%0.5%38.6%36.7%36.3%35.8%26.1%12345The profits gained from frequent trading,after deducting trading costs,still exceed those from long-term holdingWorry 158、about high market volatiilty leading to lossesLimited investment funds lead to selling existing funds topurchase new onesDesire to chase hot topicsNeed to liquidate investments products in urgent situations2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEXShort-term investors also have distinct p159、erceptions of their own wealth management capabilities.Of short-term investors surveyed,70.1%say that they are satisfied with their personal wealth management capabilities,with market analysis being the aspect they are most satisfied with.The same proportion drops to 58.6%among long-term investors(i160、nvestors who hold funds for more than one year),who are most satisfied with their risk management abilities.The study also reveals room for improvement in short-term investors financial literacy.Financial literacy was higher among long-term investors,with 43.1%answering all“Big Three”financial liter161、acy questions correctly,significantly higher than that of short-term investors and the overall average.OverallShort-term investorsLong-term investorsSatisfaction with personal wealth management capabilitiesMain aspects of the rising affluents wealth management abilityPercentage of respondents who an162、swered all the Big Three questions correctlySatisfiedNeutralDissatisfiedNot sure/Dont know66.8%27.1%24.6%33.5%5.7%5.0%7.4%0.4%0.3%0.5%70.1%58.6%Long-term InvestorsShort-term InvestorsRisk managementMarket analysisPortfolio constructionMarket analysisPortfolio constructionFinancial planning54.3%52.2%163、52.2%12355.2%54.0%51.6%Short-term investorsOverallLong-term investors6823.4%15.5%43.1%69Such momentum trading is more prominent among relatively less-experienced investors who started investing after 2020,with 35.9%of them stating they would adopt this strategy,significantly higher than the percenta164、ge in more experienced investors.Our study suggests that although financial advisors can do little to stop investors from“buying high,”they can effectively prevent investors from“selling low”out of panic during times of market volatility.Percentage of respondents who buy high and sell lowFinancial a165、dvisors impact on investors buying high and selling lowBefore 20112011-20152015-2020After 2020%of respondents“buying high”%of respondents“selling low”Initial year of investment26.8%24.1%26.7%35.9%Respondents who have not consulted a financial advisorRespondents who have consulted a financial advisor166、55.6%35.1%63.7%62.5%A short-term orientation can lead to impulsive and emotional investment decisions during market volatility,such as the common behavior of“buying high and selling low,”a consistent finding across the years of the Index.63.0%43.6%would increase investment after gaining profitswould167、 sell after suffering losses2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEXPerception regarding the role of financial advisorsRespondents who prefer long-term investment also display higher trust in financial advisory services,with 41.4%of them finding financial advisors very helpful,while onl168、y 32.4%of short-term investors hold the same belief.The findings suggest obvious pathways for the industry to help the rising affluent navigate volatile environments and become more disciplined in investing through proactive communication,heightened investor education,and professional financial advi169、ce.Public Equity Fund Investor Profitability Insight Report(2021),Invesco Great Wall Fund,Fullgoal Fund,and Bank of Communications Schroders Asset Management,2021,retrieved from https:/ Schwab,Schwabs 7 Investing Principles,retrieved from https:/ helpfulHelpfulNot helpful54.5%32.4%13.1%53.5%41.1%5.4170、%Short-term investorsLong-term investors70Market volatility is inevitable,and timing the market perfectly is nearly impossible.Schwabs research shows that the cost of waiting for the perfect moment to invest typically exceeds the benefit of even perfect timing.5Therefore,a better strategy for most i171、nvestors is to make and stick to a financial plan,maintain a long-term perspective,and leverage the power of compounding to drive long-term returns.This entails establishing a diversified portfolio,as well as regularly reviewing and rebalancing it.According to the Public Equity Fund Investor Profita172、bility Insight Report(2021),6 the cumulative return of actively managed equity funds in China in the 15 years ending March 31,2021 is 910.68%,which represents an annualized return rate of 16.67%.Individual investors investment performance shows significant correlation with their holding period:the a173、verage return for investors who held funds for less than three months was negative,with less than 40%of them making profit.For investors who held funds for more than three months,the average return rate becomes positive,with 62.72%of them making profit.Investors who hold funds for more than ten year174、s achieved an average return of 117.38%,with 98.41%of them making a profit.Why do we need long-term investment?Observation 571The rising affluent show growing demand for diversification,with overseas investment gaining traction.5572Despite the dominance of cash and fixed deposits in rising affluent 175、portfolios,their shifting perceptions and expectations of the role of financial advisors reflect a rising demand for diversification.This year,32.2%of respondents state that they would like help from financial advisors in building diversified investment portfolios,ranking second among all options.An176、d 27.4%of respondents cite portfolio diversification as one of the greatest advantages an advisor can offer over DIY investment,a significant increase from last year and the choice which saw the highest increase this year.Respondents earning over RMB 30,000 and living in Tier 1 cities are most cogni177、zant of this,with more than 30%in each of these two groups believing that financial advisors provide an advantage in helping clients achieve diversified portfolios.Help me overcome behavioral biasAvoid emotional decisions during market volatilityAchieve stable returnsImprove investment returnsReduce178、 investment risksMake better plans for my familys wealthDiversify portfolioHelp me achieve my long-term financial goalsProvide personalized investment adviceSave time and effort18.9%22.1%26.3%28.5%30.8%33.6%17.8%29.4%33.9%30.4%21.9%22.7%23.2%24.7%26.4%27.4%27.4%27.4%28.8%30.5%Greatest advantage(s)th179、e rising affluent believe a financial advisor can offer compared to DIY202420232024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEXThe rising affluent show growing demand for diversification,with overseas investment gaining traction.73How do you plan to achieve your most important financial goals?T180、he rising affluent are also increasingly looking at a diverse array of channels to achieve their goals,including investing in assets with higher growth potential such as stocks and funds,purchasing retirement insurance,and opening an individual pension account.While saving regularly remains the prim181、ary strategy through which the rising affluent achieve financial goals,the proportion of respondents who choose this strategy decreased by 5.2%compared to last year.10-15k15-30k30k+Tier 1Tier 2Tier 325.3%28.6%31.9%26.1%23.6%30.5%20232024%of respondents who acknowledge financial advisors value in bui182、lding diversified portfolios(by monthly income)%of respondents who acknowledge financial advisors value in building diversified portfolios(by location)Contribute money to my personal pension accountInvest in overseas markets for diversificationInvest in high-growth-potential assets(e.g.,stocks and f183、unds)Invest in low-risk assets(e.g.,bank wealth management products)Purchase retirement insuranceInvest in real estateSave regularly3.4%15.3%5.0%16.8%25.7%17.2%16.7%18.6%22.7%23.9%27.6%27.1%43.7%38.5%74Reasons for investing overseasChoice of overseas investment productsNearly 80%of the rising afflue184、nt who have invested overseas choose to invest in funds,making it the most popular overseas investment vehicle.Fixed-term deposits,despite being a primary go-to option in the home market,only attracted 39.0%of respondents in overseas markets.Improve financialsecurityOverseas investment marketsare st185、abler and lower riskObtain a higher returnon investment33.1%19.4%45.0%58.8%51.9%48.4%FundStockBondFixed DepositInsurance2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEXAgainst this backdrop,overseas investments7 have emerged as popular options for diversification.This year,31.9%of the rising af186、fluent state that they have invested overseas through channels including QDII funds,with enhancing financial security(58.8%)being the primary reason cited by respondents,followed by a desire to obtain short-term profits(45.0%).Obtain short-term profits as overseas markets perform well recentlyI have187、 family members overseas(such as a child studying abroad)My preferred investment products are not available in China79.6%66.3%58.4%48.4%39.0%Across asset classes with a long-term asset allocation plan that combines different categories of major types of investments like stocks,bonds,and cash.Within 188、asset classes so youre not too concentrated in any one market sector,company size,or country.By mixing investing styles through a combination of both value and growth stocks.Asset allocation and diversification work together to ensure a sound portfolio.To begin with,you can diversify your portfolio 189、in three ways:Financial advisors have turned out to play an important role in the rising affluents overseas investing journey.Among respondents who have consulted a financial advisor,43.7%have overseas allocation,compared to 15.4%for respondents who have not consulted a financial advisor.With divers190、ification gaining traction among the rising affluent,financial institutions should step up to develop new product offerings and strengthen their advisory capabilities in line with investor needs to solidify the rising affluents long-term financial well-being.Have consulted a financialadvisor43.7%Hav191、e not consulted a financialadvisor15.4%Percentage of respondents who have overseas investmentsHow can we build a diversified investment portfolio?While diversification does not make investors immune to losses,it is widely recognized as an effective way to enhance overall returns at any given level o192、f risk.It is equally necessary to review and dynamically adjust your portfolio in accordance with your risk tolerance and time horizon for achieving financial goals.As markets ebb and flow,having a diversified portfolio with a risk profile that aligns with financial goals can effectively enhance the193、 rising affluents financial resilience.Overseas investments make up part of a well-diversified portfolio.Historical data shows that constructing a globally diversified portfolio gives investors more opportunities to participate in the growth around the world and reduce the impact of short-term volat194、ility in individual markets on your net value.775Charles Schwab，https:/ 6Increased awareness of retirement planning is not matched with actions.A clear,goal-based retirement plan contributes to long-term financial well-being.676This is accompanied by increased participation in personal pension accou195、nts.55.5%of respondents say that they have heard of the scheme,which was officially launched in 2022,up 10.2%from last year.A further 48.7%have already opened an account,7.8%higher than last year,with another 40.6%saying they plan to open an account in the future.This year,the rising affluent demons196、trate growing awareness of retirement in their financial lives.47.4%of respondents report they have a retirement plan,up 6.4%from last year.58.3%of the rising affluent above 45 have begun planning for retirement,the highest among all age groups.Respondents with higher income are also more likely to 197、have a retirement plan.By age groupBy monthly incomePercentage of respondents who have a retirement plan47.1%55.6%66.3%52.8%58.3%Participation in the personal pension schemeHave opened anaccountPlan to openan accountDo not plan toopen an account48.7%10.7%40.6%47.4%Overall55.5%776Increased awareness 198、of retirement planning is not matched with actions.A clear,goal-based retirement plan contributes to long-term financial well-being.18-24 Y.O.25-34 Y.O.35-44 Y.O.45+Y.O.10-15k15-30k30kof respondents have heard of the scheme40.6%38.8%Despite this,insufficient and unrealistic understandings of what re199、tirement planning entails could undermine the rising affluents actual preparedness.The time horizon that respondents believe they will need to achieve retirement goals has shortened for the fifth year,standing at 8.99 years on average this year,well below what the industry generally believes to be n200、ecessary.This trend is most pronounced among respondents aged 18-24,with their timeline shortening from 12.77 years in 2023 to only 7.98 years this year.Other age groups all shortened the timeline by approximately one year.When asked about source of retirement income,40.7%of the rising affluent beli201、eve government pension will be insufficient to cover their expenses after retirement or are unsure,yet only 31.7%of them have engaged in retirement planning.In terms of ways to prepare for retirement,respondents who believe government pension will be insufficient prefer stable approaches such as reg202、ular savings,retirement insurance,and wealth management products.Conversely,those who believe government pension will be sufficient prefer high-growth and high-risk investments such as stocks and funds.Having a clear understanding of retirement targets and leveraging diverse investment channels can 203、better support the rising affluent to prepare for retirement.Expected time to achive retirement goals(number of years)Ways to prepare for retirement78Overall18-24 Y.O.25-34 Y.O.35-44 Y.O.45+Y.O.Believe governmentpension is insufficientBelieve governmentpension is sufficient202320242024 CHINA RISING 204、AFFLUENT FINANCIAL WELL-BEING INDEX8.999.927.9812.7711.0210.279.836.507.599.8625.1%33.9%42.1%34.3%28.3%29.0%33.0%28.1%27.2%29.7%51.8%37.6%Consulting a professional financial advisorOpening a personal pension accountInvesting in low-risk assets(e.g.,bank WMPs)Purchasing retirement insuranceRegular sa205、vingsInvesting in products with high growth potential(e.g.,stocks,funds)Further study reveals that those who have a retirement plan have a clearer understanding of the time horizon and stronger execution abilities when it comes to retirement planning.For example,94.2%of respondents who have a retire206、ment plan have a certain answer as to whether they plan to retire in line with the national retirement age,compared to only 64.5%among respondents who do not have a retirement plan.Furthermore,as high as 87.6%of those with a retirement plan have set up separate accounts for different financial goals207、,compared to 27.9%for those who do not have a retirement plan.Clear planning and consistent execution contribute to long-term financial confidence and satisfaction.Respondents that have planned for retirement demonstrate higher overall well-being,with a better performance across all four sub-indices208、.They also have higher expectations for their post-retirement living expenses,which stands at RMB 17,844 per month on average,compared to RMB 11,809 for those who do not have a retirement plan.The rising affluents uneven progress in retirement planning and financial preparedness points to a clear op209、portunity for financial institutions.This year,more respondents with a retirement plan state they need help from financial advisors,increasing from 69.1%last year to 74.7%.This is especially prominent among respondents who expect their monthly expenses post-retirement to exceed RMB 30,000,with 90%of210、 this group saying they need professional help in retirement planning.Index and sub-index scores for respondents with/without retirement plans73.0475.2857.8545.6080.15 79.3438.9820.6572.9568.23Financial Well-BeingIndexConfidencePlanningManagementEngagementHave a retirement planDo not have a retireme211、nt planLess than 10k10-30kMore than 30k89.0%74.7%70.5%79Percentage of respondents who need professional help in retirement planning(by expected monthly expenses post retirement)Among the perceived advantages of seeking professional help in retirement planning,the most popular service is help assessi212、ng post-retirement living costs,further highlighting the rising affluents demand for help and guidance in understanding how to adequately prepare for retirement.Other areas where advice is needed include developing and reviewing retirement plans,as well as choosing suitable investment products to he213、lp achieve retirement goals.It is imperative to start early on retirement planning,regardless of income level or age.Financial institutions should rise to this emerging opportunity by helping the rising affluent crystalize their retirement goals and needs,build a clear and actionable plan,and identi214、fy suitable pathways towards their ideal retirement life.80Managing individualretirement accounts40.7%49.6%49.5%Choosing suitable investment productsProviding estate planning and wealth transfer advice45.9%50.8%2024 CHINA RISING AFFLUENT FINANCIAL WELL-BEING INDEXWays in which respondents need help 215、from financial advisors in retirement planningHelping to assess post-retirementliving costs and calculate retirement targetDeveloping a presonalized retirement plan and reviewing regularly81Advance the Rising Affluents Financial Well-Being Through Holistic Wealth Management Services In recent years,216、Chinas rising affluent have displayed diverse demands for wealth management services against the backdrop of a series of socio-economic and capital market developments.Our eight years of Index studies also repeatedly demonstrate rising affluent investors improved perceptions of and engagement with v217、arious types of professional financial services.Charles Schwab believes that wealth management is a multi-faceted service strategy that is centered around peoples financial needs and goals,and covers key components of their financial lives.While investment selection and portfolio construction are im218、portant parts of wealth management,they are far from being the entirety of it.This years findings provide a roadmap for the industry to better understand and respond to the rising affluents emerging needs.Only by viewing the clients success as their own success could companies build a sustainable we219、alth management industry environment in which investor behavior is more in line with industry standards,and the connection between institutions and their clients is closer.In turn,the industry can work together to support rising affluent families to achieve their aspirations for life with enhanced f220、inancial well-being.Creating and maintaining a customized,goals-based portfolio and providing actionable recommendations that consider a broad range of investment vehicles.Assessing your retirement goals alongside your budgeting and spending habits,then making a plan for getting to and through retir221、ement.6.Retirement PlanningProviding professional recommendations and services in borrowing,debt management,and a range of specialized lending solutions.5.Banking&Credit ManagementSaving and investing plans for special family needs and education goals.2.Education&Family supportHelping people learn m222、ore about planning strategies and providing access to specialists in annuities and insurance policies that could protect one from risk.3.Risk Management&InsuranceCore WealthManagementTopics1.Investment PlanningProviding guidance and access to specialists on titling and beneficiary designations,execu223、tor and trustee selections,distributing assets,and charitable giving strategies.4.Estate PlanningAppendix IFactors comprising index score74.0538.28 42.1279.72+0.77-3.36-0.46-1.22-0.27822024 Rising Affluent Financial Well-Being Index Score:70.51ConfidencePlanningManagementEngagementSatisfaction with 224、personal financial statusDegree of financial impacts on the various concerned issuesFinancial preparation for various concerned issuesSentiments towards personal financial growth prospectsHave a financial planReview financial planHave a specific timeline for financial goalsThe possibility of achievi225、ng the financial goalsHave a sense of riskHave a precise portfolio management strategySensitivity towards investment management feesReview of return of investmentDiversity of accessed financial service Contribution of financial advisor/institutionCredibility of financial advisor/institutionContribut226、ion of financial digital platformsCredibility of financial digital platformsIndex and sub-index score by age groupAppendix II202474.8270.0270.2470.04202368.4171.1771.0770.50202270.5973.2971.2872.01202169.7971.6672.4172.69202072.7869.1569.3370.5978.2773.6473.7473.4971.4374.9874.5174.7973.5875.4473.04227、74.3572.3073.1874.4575.5274.9070.0471.1272.8051.0033.2941.0741.3738.5941.9345.9536.4228.6447.8245.7038.3136.5646.2646.0438.9253.6544.7940.1539.7743.9542.4441.6341.0341.9343.2444.0443.3645.9045.0245.1145.5845.7046.4844.3345.2846.7547.1446.2745.2983.1179.8378.9678.8277.2679.4078.7078.9678.7680.4178.44228、79.9176.8078.7479.6480.062024202320222021202020242023202220212020202420232022202120202024202320222021202078.4076.1476.3177.7983Financial Well-Being Index18-24 y.o.25-34 y.o.35-44 y.o.45+y.o.Confidence18-24 y.o.25-34 y.o.35-44 y.o.45+y.o.Planning18-24 y.o.25-34 y.o.35-44 y.o.45+y.o.Management18-24 y.229、o.25-34 y.o.35-44 y.o.45+y.o.Engagement18-24 y.o.25-34 y.o.35-44 y.o.45+y.o.Index and sub-index score by city tierAppendix III70.7469.9772.1270.6470.0570.9872.0671.8173.1071.4472.8372.6469.2370.5169.6174.5973.3074.1374.1873.6776.5373.7074.1076.0273.1975.4874.7870.3172.3272.0536.8338.8740.3943.4739.6230、241.0147.2341.6140.0746.8638.3639.7643.8144.4936.6942.1941.6542.7143.1743.5043.4544.7645.8545.2145.8745.3643.9945.9847.6045.87202420232022202120202024202320222021202020242023202220212020202420232022202120202024202320222021202079.7279.3780.2978.9178.1980.2479.4379.1180.5478.2280.5279.9176.4276.9476.5231、884Financial Well-Being IndexTier 1Tier 2Tier 3ConfidenceTier 1Tier 2Tier 3PlanningTier 1Tier 2Tier 3ManagementTier 1Tier 2Tier 3Engagement Tier 1Tier 2Tier 370.0270.6072.9368.9372.0276.5771.4772.4375.8771.8171.8373.2168.3770.6273.3973.8873.8175.8772.1976.2681.1373.6774.4078.2074.1973.5675.3170.1071232、.9074.3033.8241.8950.2139.4843.2847.8038.2848.7159.8937.2747.3357.7137.3949.6254.7541.0842.9644.9343.2943.4443.3344.9945.4145.9645.6245.4944.9945.9146.5149.1879.7879.3180.8777.2479.8585.1879.4479.2381.5779.5778.7878.7175.5877.0879.90202420232022202120202024202320222021202020242023202220212020202420232022202120202024202320222021202085Index and sub-index score by monthly incomeAppendix IVFinancial Well-Being Index10-15K15-30K30K+Confidence10-15K15-30K30K+Planning10-15K15-30K30K+Management10-15K15-30K30K+Engagement 10-15K15-30K30K+

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