US youngsters are lagging more in financial literacy than those in China, Michael Justin Lee, Lecturer at the Center for East Asian Studies at the University of Maryland discovered when he dived into a comparative study by VISA International. “A crappy return on investment,” he writes in ChinaUSFocus.
Michael Justin Lee:
Visa’s overall conclusion about the United States notwithstanding, there was a very disturbing sub-conclusion. On the critical question of whether our college aged people are prepared to manage their own money, the US ranked an unbelievably abysmal twenty-seventh, ahead only of Bosnia!
This is far more important than the fourth place overall finish. China’s middle of the pack ranking isn’t terrible considering the early state of their financial markets. But I shudder to think what awaits us in the future if our young people can’t do any better than second to last.
How has it come to this? There couldn’t be any country which has dedicated greater public and private resources to developing financial literacy than the United States. This is what we in the financial profession call a crappy return on investment.
China Weekly Hangout
Is investing in education a gold mine or a black hole, the China Weekly Hangout wondered on February 7, with Andrew Hupert, formerly working for the NYU Shanghai campus and Paul Fox, lecturer at the HKU School of Professional and Continuing Education. Moderation: Fons Tuinstra, president of the China Speakers Bureau.
On Thursday 30 May the China Weekly Hangout will turn to tourism and will ask “What do Chinese tourists want?”. Participation from the UK, Singapore, Switzerland and New Zealand is already planned. You can read our latest announcement here, or register for participation here. A full overview of our hangout-channel is here.