92 percent of the Chinese born in the 1990s have a balance at the end of every month, and 80 percent of them use the balance to purchase wealth management products, said a report jointly issued by Chinese mobile payment platform Alipay and Chinese institute of new economy.

According to the report, the money saved in the Alipay accounts of this group is 4.5 times what they consumed.

90 percent of this group said they would assess their economic conditions before making purchases of non-basic needs, and the report indicated that their consumption of education-related products and services surged 87 percent in 2018 from a year ago.

90 percent of the post-90s generation said they used Huabei, a virtual credit card of Alipay, to enjoy discounts rather than spending money ahead, as the service often provides various special offers.

The post-90s generation starts managing their wealth at around 23 years old on average, 10 years earlier than their parents did, and most of them would purchase their first related products in college or within two years after graduation.

He Jianhua, former deputy president of Shanghai Academy of Social Sciences, attributed the early exposure to consumption and wealth management of this generation to the popularity of the internet and the economic boom of the Chinese economy, saying they have advanced ideas in this area.