The Internal Structure of Financial Literacy in China: Evidence from Publicly Released Survey Statistics

Financial literacy is widely regarded as an important determinant of individual financial well-being, yet growing evidence suggests that financial knowledge does not necessarily translate into sound financial behavior. Using publicly released aggregate statistics from the 2025 Consumer Financial Literacy Survey conducted by China’s National Financial Regulatory Administration, this study provides a descriptive analysis of financial literacy in China from a dimension-based perspective. The results indicate systematic differences in financial literacy across age, income, urban–rural residence, and regions, with higher scores observed among urban residents and in eastern regions. A dimension-level analysis further reveals a consistent structural pattern across regions: financial knowledge records the highest scores, whereas financial behavior consistently records the lowest. These patterns point to a persistent gap between financial understanding and financial practice and highlight the value of moving beyond aggregate indicators toward a multidimensional perspective in financial literacy research.

financial literacy; financial behavior; descriptive analysis

1. Fong, J. H., Koh, B. S. K., & Yap, M. T. (2025). Financial literacy and household financial behavior in Singapore. Research in Economics. [Google Scholar] [Crossref]

2. https://doi.org/10.1016/j.pacfin.2024.102651 [Google Scholar] [Crossref]

3. Yeo, K. H. K., Lim, W. M., & Yii, K. J. (2024). Financial planning behavior: a systematic literature review and new theory development. Journal of Financial Services Marketing, 29(3), 979-1001. https://doi.org/10.1057/s41264-023-00249-1 [Google Scholar] [Crossref]

4. Ajzen, I. (1991). The theory of planned behavior. Organizational behavior and human decision processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T [Google Scholar] [Crossref]

5. Atkinson, A., & Messy, F.-A. (2012).Measuring financial literacy: Results of the OECD/International Network on Financial Education (INFE) pilot study. OECD Working Papers on Finance, Insurance and Private Pensions, No. 15. OECD Publishing. [Google Scholar] [Crossref]

6. https://doi.org/10.1787/5k9csfs90fr4-en [Google Scholar] [Crossref]

7. Xu, G., Feng, L., Wang, W., & Liang, Q. (2024). Digital financial literacy and rural income inequality. SAGE Open, 14(3), 1–17. https://doi.org/10.1177/21582440241275642 [Google Scholar] [Crossref]

8. Klapper, L. F., Lusardi, A., & van Oudheusden, P. (2015). Financial literacy around the world: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey. Standard & Poor’s Ratings Services Global Financial Literacy Survey; Global Financial Literacy Excellence Center (GFLEC), The George Washington University. Available at https://gflec.org/wp-content/uploads/2015/11/Finlit_paper_16_F2_singles.pdf [Google Scholar] [Crossref]

9. Ocansey, E. O. N. D., & Manu, V. (2025).The relationship between financial literacy and financial behavior: A systematic literature review. Journal of Economics, Finance and Accounting Studies, 7(1), 1–25. https://doi.org/10.32996/jefas.2025.7.4.9 [Google Scholar] [Crossref]

10. Fernandes, D., Lynch, J. G., Jr., & Netemeyer, R. G. (2014).Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–1883. [Google Scholar] [Crossref]

11. https://doi.org/10.1287/mnsc.2013.1849 [Google Scholar] [Crossref]

12. Lusardi, A., & Mitchell, O. S. (2014).The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. [Google Scholar] [Crossref]

13. https://doi.org/10.1257/jel.52.1.5 [Google Scholar] [Crossref]

14. Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x [Google Scholar] [Crossref]

15. OECD. (2022). OECD/INFE toolkit for measuring financial literacy and financial inclusion 2022. OECD Publishing. https://doi.org/10.1787/cbc4114f-en [Google Scholar] [Crossref]

16. OECD. (2023). OECD/INFE 2023 international survey of adult financial literacy. OECD Publishing. https://doi.org/10.1787/56003a32-en [Google Scholar] [Crossref]

17. Bucher-Koenen, T., & Lusardi, A. (2011). Financial literacy and retirement planning in Germany. Journal of Pension Economics & Finance, 10(4), 565-584. https://doi:10.1017/S1474747211000485 [Google Scholar] [Crossref]

18. Lusardi, A., & Mitchell, O. S. (2011a). Financial literacy around the world: an overview. Journal of pension economics & finance, 10(4), 497-508. https://doi:10.1017/S1474747211000448 [Google Scholar] [Crossref]

19. Ricci, O., & Caratelli, M. (2017). Financial literacy, trust and retirement planning. Journal of pension economics & finance, 16(1), 43-64. https://doi:10.1017/S1474747215000177 [Google Scholar] [Crossref]

20. Kaiser, T., & Lusardi, A. (2024). Financial literacy and financial education: An overview (NBER Working Paper No. w32355). National Bureau of Economic Research. https://doi.org/10.3386/w32355 [Google Scholar] [Crossref]

21. Finke, M. S., Howe, J. S., & Huston, S. J. (2017). Old age and the decline in financial literacy. Management Science, 63(1), 213-230. https://doi.org/10.1287/mnsc.2015.2293 [Google Scholar] [Crossref]

22. Nanziri, E. L., & Leibbrandt, M. (2018). Measuring and profiling financial literacy in South Africa. South African journal of economic and management Sciences, 21(1), 1-17. https://doi:10.4102/sajems.v21i1.1645 [Google Scholar] [Crossref]

• Financial Technology (Fintech): Current Research at The Cutting Edge
• Reforming Corporate Governance in Malaysia to Address Fraudulent Financial Reporting Cases
• Stock Market Efficiency and Economic Diversification in Nigeria and South Africa
• Financial Stability and Financial Performance of Small and Medium Tiered Deposit Taking Savings and Credit Cooperatives in Kenya.
• Regulator Sandboxes for DeFi: A Comparative Analysis of Policy Effectiveness in the EU, US, and Asia Pacific