Nearly half of Chinese blue collar millennials are more inclined to send their savings straight to a lottery outlet than in banks, a survey result showed.
The survey also indicated that blue collar workers born from 1990 onwards values lottery products than “self-improvement.
According to news website China News Service, majority of the 5,110 survey respondents aged 15 to 25 sees lottery tickets a means of investment while less than one in five are willing to spend much on self-improvement.
When it comes to personal financing, over half of the blue collars in 31 cities across China thinks that it is an act reserved for the rich while there are over 80 percent of second-generation migrant who say they have a plan in terms of their spending.
The respondents all know the importance of money, according to the survey, but majority of them misunderstands the financial asset. Unlike the public perception of being not self-disciplined, only 9 percent of young workers have no financial plan, significantly lower than the 39.2 percent for university students of the same age, according to the study.
Among these blue-collar workers, delivery people stood out for being familiar with various online payment methods. Besides, nearly 80 percent have come into contact with Internet-based financial products.
Chinese blue collars millennials also showed a weak sense of investing in their careers with only 16 percent willing to spend much to improve their knowledge or skills.
The survey was conducted by Alibaba-affiliate Business School of Ant Financial, other financial services, and financial think-tank Tsinghua Media Survey Lab in order to determine the financial literacy of blue-collar workers aged from 15 to 25, in 31 cities across the country.
Zhao Shuguang, director of Tsinghua Media Survey Lab, said the state should promote financial knowledge among young blue-collar workers or improve occupational training in order to reduce the income gap.