Creative Education
2012. Vol.3, No.2, 228-231
Published Online April 2012 in SciRes (
Copyright © 2012 SciRe s .
Survey and Thought of Financial Management and Education in
High School Students in Nanjing
Weiyi Su1, Mengting Deng2
1Hohai University, Nanjing, China
2Nanjing Normal University, Nanjing, China
Email: {ce6301278, ce47554771}
Received March 12th, revised April 8th, 2012; accepted April 20th, 2012
There is a need to improve the financial management ability of high school students in China. This paper
carries on a questionnaire survey among some high school students in Nanjing, then analyzes and sum-
marizes the survey data in order to know the students’ consumption psychology, financial management
consciousness and financial education situation. The initial findings reveal that there is limited knowledge
of the concept of financial management in high school students. This is reflected in the ability of inde-
pendent living of high school students being improved. So, this paper has some specific suggestions, e.g.
financial institutions and social should provide a wide variety of financial products which are suitable for
high school students, and set up education bank so as to keep the sustainable development of education
cause. Schools may establish parents committee in order to strengthen the relations between parents and
schools, complete the quality-oriented education including financial education.
Keywords: Financial Management; High School; Family Education; Questionnaire Survey;
Quality-Oriented Education
High school students are the country’s future masters. In or-
der to make them to integrate into society smoothly in the fu-
ture, we should carry out finance education as early as possible.
In fact, the financial education to high school students is totally
stagnant for a long time, their financial knowledge is blank.
According to the survey report in “The High School Students”
magazine, 79% of high school students never summarize the
expenses of their pocket money, 64% high school students have
no plan for their pocket money, and only 12% of high school
students have short summar y and budget.
Modern economy is monetary economy. Money play s a vital
role in this society (Jin, 2011). Financial management is an
effective way to manage private property. Everyone has per-
sonal property, which will involve financial problems. High
school students will enter the society soon. Their financial
management abilities will directly impact on their future living
ways and life attitude. So, it is imperative to perfect financial
Today, the living standard is keeping growing. Parents al-
ways spoil their kids. They give children more and more pocket
money and lucky money (When Spring Festival comes, in order
to bless to the younger generation, the elders give them a cer-
tain amount of cash, this cash is called lucky money). However,
where does this money spend on? Are these consumers spend-
ing reasonable? What kind of financial management idea
should high school students have? What effect does the family
financial education bring? Our study group hopes that through
the questionnaire we can form a general picture of the students’
financial management condition, find out the characteristics,
analyze and find out the cause with the knowledge we have,
and then put forward some rational suggestions (Ping & Qing,
Survey Results and Analysis
We carried on a questionnaire survey among 200 high school
students in Nanjing, returned 173 effective questionnaires, the
valid return rate was 86.5%. The following is our data collec-
tion and analysis:
1) How much pocket money do you have monthly in total?
(Not including necessary living)
A) 0 ~ 50
B) 50 ~ 100
C) 100 ~ 200
D) 200 ~ 500
E) More than 500
39.3% of the students chose the “0 ~ 50”, 25.0% of the stu-
dents chose the “50 ~ 100”, 18.5% of the students chose the
“100 ~ 200”, 12.5% of the students chose the “200 ~ 500”,
4.7% of the students chose the “more than 500”.
Judging from the data, students’ pocket money should be
quite adequate if they use properly.
2) When do you use up your pocket money every month?
A) Within half month
B) Half to one month
C) More than one month
12.3% of the students chose the “within half month”, 35.9%
of the students chose the “half to one month”, 51.8% of the
students chose the “more than one month”.
It indicates more than half of the students can manage their
spending and already have save and storage consciousness, but
there are still 12.3% of the students used up their pocket money
within half month. It is an extravagant and waste phenomenon,
which is not advisable.
3) Your main consumption projects are (according to the
amount of spending percentage, can select more than one):
A) Daily necessities
B) Books and newspaper
C) Telephone charge
D) Buy costumes
E) Buy snacks
F) Making track for star
G) Buy stationery
H) Buy electronics products
I) Play games, surf the net
J) Others (e.g.)
The proportion of the options such as “daily necessities”,
“books and newspaper”, “buy snacks”, “buy stationery” and
“telephone charge” is quite high.
It indicates that most students can divide up the money rea-
sonably, but there are also some students spending money on
some unreasonable aspects such as snacks, telephone charge,
making track for star, and so on (Chou, Yu, Chen, & Wu,
4) Do you have your consumption plan or account book:
A) Know it
B) Basically know in mind
C) No concept
49.5% of students chose the “know it”, 32.4% chose the “no
5) Do you want to make up financial management plan?
A) Yes
B) No
59.7% of students chose the “no”.
The result indicates that most of students lack certain plan-
ning in finance management. They can not make spending plan
very well according to their own needs and ability.
6) Do your parents often complain of your wasting money?
A) Always
B) Occasional
C) Never
91.2% of students chose the “occasional” or “never”.
It indicates that the parents don’t concern their children in
finance management.
7) Do your parents use some effective way to supervise your
pocket money?
A) Yes
B) No
63.4% of the students chose the “no”.
The result indicates that child’s consumption is unconcerned
by parents, and it causes poor financial management ability of
high school students.
8) Do you learn some financial management knowledge in-
A) Yes
B) No
25% of students chose the “Yes”, 75% of students chose the
It indicates more than half of the students have no financial
management consciousness and concepts, they think pocket
money is given by their parents, they can use up all pocket
money, they needn’t learn financial management knowledge.
9) Do you think high school students need to learn financial
management knowledge?
A) Yes
B) No
66.7% of students chose the “Yes”, 33.3% of students chose
the “No”.
According to this phenomenon, we can know, the students
think financial management knowledge is quite important, but
they are lacking initiatives to study it.
10) Do your parents tell you true information about family
A) Yes
B) Vague
C) No
More than half of the students chose the “Yes”, a few chose
the “vague” and almost no students chose the “no” (Jin, 2011).
11) Do your parents pay attention to your financial manage-
ment education?
A) Family education is quite successful
B) Noticed, had some education
C) Indirect effects in life
D) No
Most students chose the “noticed, had some education” or the
“indirect effects in life”, few students chose the “family educa-
tion is quite successful” or “no”.
12) Parents know your financial management status and abil-
A) Know it very well
B) Clearly know
C) Know
D) Don’t know
E) Never concerned
Most students chose the “know”, few chose the “don’t know”
or “never concerned”.
13) Family’s and social’s influence to your financial man-
agement ideas is:
A) Very deep
B) General
C) Almost no
62.2% of students chose the “general”.
14) Where do you get financial management knowledge?
A) Family
B) TV, books and newspapers
C) By myself
D) Others (e.g.)
Most students chose the “by myself” and others chose the
“TV, books and newspapers” or “family”.
The result of above five questions indicates that most parents
have consciousness to cultivate children’s financial manage-
ment ability, but there are few motivated actions, so that the
students can not correct their wrong idea and actions Some-
times they even be mislead by the media and buy luxuries
blindly, it caused the decline of their self-care abilities. Since
reforming and opening up, people’s living standards improved
quickly, most of students don’t have to worry about life, par-
ents always meet the needs of them while there are few parents
cultivating the children’s financial management concept and
ability, this causes the students depending on their parents and
losing independent ability.
15) If you buy a new mobile phone, what will you think
A) Cheap and fine, suitable for myself
B) The latest high-grade mobile phone
C) Advertising recommend or lots of students are using it
D) Be different
E) The cheaper, t he better
Copyright © 2012 SciRe s . 229
61.8% of students chose the “cheap and fine, suitable for
myself”, it embodied realistic consumption psychology.
12.7% of students chose the “the latest high-grade mobile
phone”, we don’t think this is necessary, it embodied competi-
tion psychology.
15.5% of students chose the “advertising recommend or lots
of students are using it”, their consumption is a bit blind.
5.6% of students chose the “be different”, they also have a
certain seeking difference psychology, it not advisable.
4.4% of students chose “The cheaper, the better”, these stu-
dents ignore their normal life demand.
16) In holiday, or on classmates’ birthday, you send what
types of presents:
A) Practical, suitable for them
B) Very expensive
C) Send the same as others
D) Don’t send
11.8% of students chose the “don’t send”, it shows a small
part of classmates have frugal consciousness, but this maybe
14.9% of students chose the “send the same as others”.
18.2% of students chose the “very expensive”, it shows that
students have competition psychology, consumption has a cer-
tain blindness.
55.1% of students chose the “practical, suitable for them”, it
shows that realistic psychology is dominant.
17) Will you discard the goods you buy soon?
A) Most
B) Few
C) No
Choosing “most”, “few” and “no” proportion is about 3:8:1.
18) Do you sometimes have impulse on shopping?
A) Yes
B) No
81.4% of students chose the “Yes”. Students have no inde-
pendent source of income. Their money is mainly given by
parents. The economic source of high school students is not
stable, but it is enough. Because of these two characteristics,
adding to some parents’ no interference, teenagers are in con-
sumption free. They follow the inclinations of themselves. This
also greatly affects high school students’ consumption behav-
19) How do you use your lucky money?
A) Be in the bank
B) To pay tuition fee
C) Buy financial products
D) Spend it at random
E) Others (e.g.)
Most students chose the “be in the bank” or “to pay tuition
fee”, others chose the “spend it at random”.
It shows that most students is awake, they spend their money
correctly. But there are still a lot of students choosing “spend it
at random”, their financial management consciousness is very
20) What do you think about the teenagers’ inflated desire of
A) Social problems
B) Family’s responsibility
C) Should take action as soon as possible
D) This will never happen
73.9% of the students chose the “social problems” and “fam-
ily responsibility”.
Judging from the survey, most high school students don’t
have clear financial management concept and method. Some
students even have the negative consumption psychology such
as following the tide, seeking difference and etc. In addition to
the reason of their own, the family and social factors are more
important. Most students said they had no formal financial
education. What they were taught is that learning their subjects
well is the most important thing, we can even imagine, their
parents would tell them: “Honey, we earn money, you just need
to concentrate on studying”.
However, the result of such family education is wasting.
Teenagers have no good habit, sometimes they are even beyond
saving, this has bad effect on building the right financial man-
agement concept, and this impact will emerge in the future.
Being unable to manage money will affect the quality of life, if
we learn more about the financial management, we can let lim-
ited money deserve more.
The Thought of Financial Management
Firstly, educators should pay high attention in it in order to
strengthen the students’ financial management consciousness
and improve students’ financial management ability. Educators
must change their ideas practically, go out of the vicious circle
of exam-oriented education, and put financial management
education into the track of moral education. Secondly, grasping
tireless in action, financial management education is a system-
atic project, the school should carry out financial management
education activities. For example, invite experts to give the
students some speeches about financial education, often propa-
gandize financial management knowledge to students with
newspaper and radio station and etc, hold the parents’ meeting
and stress the importance of financial education. Thirdly, str-
engthen the theory research. The financial management educa-
tion of high school students is only at the beginning stage in our
country, it needs educators to study and practice hard, pay at-
tention to theory research, enrich, deepen and expand the con-
tent of financial management education, summarized the effec-
tive method and standard, study the inner connection between
financial management education and other quality education,
discuss how to carry out financial management education in
family, let high school students conduct financial management
Parents are children’s first teachers, they play the very im-
portant roles in the education of students. First, all parents
should change concept, neither be too strict with their children,
give them enough space to improve financial management abil-
ity, nor be too wide, must exercise their independent abilities
and give them correct guide in time. Second, parents must pay
attention to their action, let children have right consumption
Schools may establish parents committee in order to strengthen
the relations between parents and schools. Teachers guide the
education methods for parents and parents can know their kids’
performance in school. They can give schools some specific
requirements and suggestions, complete the quality-oriented
education including financial management in high school stu-
Students are the masters of themselves. They should train
and improve their financial management ability. Students
shouldn’t depend too much on family. They should have the
Copyright © 2012 SciRe s .
Copyright © 2012 SciRe s . 231
independent consciousness. Financial management is not only
to dominate pocket money at present, but also to set up a good
foundation for the future.
We hope that financial institutions and social should provide
a wide variety of financial products which are suitable for high
school students. Then students could study knowledge and
conduct financial management at the same time. Education
department may establish education bank, it could not only be
convenient for teachers’ and students’ financial management,
but also invest some schools which lack education funds
(Chapman & Greenaway, 2006; The Task Force, 2000).
We would like to thank Yaohua Liu, Mengyuan Liu, Na Liu,
Xiaorui Tan and Xiaolin Fang for their help, thank our high
school teacher HongLiang Li for his meticulous guidance,
thank our leaders and professors in Hohai University and Nan-
jing Normal University, they give us enough encourage and
support, thank the CE editors and reviewer, the feedback is
extremely valuable for us.
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