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Financial Literacy in China as an Innovation Opportunity

  • Jan Brejcha
  • Cong Wang
  • Xiaotong Wang
  • Ziwei Wang
  • Li Wang
  • Qing Xu
  • Cheng Yang
  • Liangyu Chen
  • Yuxuan Luo
  • Yijian Cheng
  • Shaopeng Zhang
  • Shuwen Liang
  • Xinru Liu
  • Huitian Miao
  • Bingbing Wang
  • Nilin Chen
  • Zhengjie Liu
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 9747)

Abstract

The purpose of the study was to get insights of the financial knowledge, behavior, and attitudes of the young generation of Chinese (Millenials or Little Emperors, i.e. born between 1980–1995), in order to find and exploit design opportunities to improve the financial wellbeing of our target group. Our paper presents an introduction to the research area, the current technological trends, the results of our initial study, and further directions both for research and design of solutions targeted at our tentative users. Our results suggest that there is a strong growth in smartphone adoption and a growing availability of mobile applications targeted at managing finances, and conducting payments. However, the young Chinese have a middle-to-low level of financial literacy, and mimic the conservative behavior of their parents and family, who prefer to hold cash (or gold) in favor of investment instruments. There is a number of design opportunities to leverage our insights to improve the financial health and wellbeing of our target user group presented in our work.

Keywords

Cross-cultural research Cultural markers Design patterns Design philosophy Design thinking DUXU in developing countries Emotion Financial competence Financial inclusion Financial literacy Future trends in DUXU HCI Innovation Methodology Mobile products/services Motivation Persuasion design Semiotics Service design Sustainability User-interface 

Notes

Acknowledgements

The authors wish to thank for the assistance of the Sino-European Usability Center (SEUC).

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Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  • Jan Brejcha
    • 1
  • Cong Wang
    • 2
  • Xiaotong Wang
    • 2
  • Ziwei Wang
    • 2
  • Li Wang
    • 2
  • Qing Xu
    • 2
  • Cheng Yang
    • 2
  • Liangyu Chen
    • 2
  • Yuxuan Luo
    • 2
  • Yijian Cheng
    • 2
  • Shaopeng Zhang
    • 2
  • Shuwen Liang
    • 2
  • Xinru Liu
    • 2
  • Huitian Miao
    • 2
  • Bingbing Wang
    • 2
  • Nilin Chen
    • 2
  • Zhengjie Liu
    • 2
  1. 1.Independent ResearcherPragueCzech Republic
  2. 2.Sino-European Usability Center (SEUC)Dalian Maritime UniversityDalianPeople’s Republic of China

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