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Ninety percent of Chinese college students have applied for installment plans: survey

(People's Daily Online)    17:24, November 13, 2019

Nearly 90 percent of Chinese university students have once applied for installment plans, mostly for shopping, food and entertainment, said a survey recently conducted by China’s Youth.cn.

The survey, covering 1,069 college students across China, said that nearly 70 percent of the students would control the amount of their “buy now, pay later” consumption within 500 yuan ($71.26) each month and 80 percent of the respondents believed that such consumption would lead to negative consumption values.

“I think I’m really on a tight budget, because there are too many things that I have to buy,” said Jia Yicun, a senior student from Hebei Normal University of Science and Technology. He noted that as he is facing graduation, he had to spend much more than before, and the gifts he buys his girlfriend also pressure him a lot.

“I try my best not to ask for money from my parents, so I have to take loans or apply for installment plans,” he said.

Zhang Qian is a student from Hebei Agricultural University, and he always spends several hundred yuan extra every month apart from his living expenses. “Usually it is spent on food and movies, and sometimes I’d go to karaoke or hit the internet café,” he said, adding that he takes is as a way to relax himself.

“I take strict control of such extra consumption, and will balance my expenses by earning scholarships or working part time,” he explained.

35.1 percent of the respondents believe that the “buy now, pay later” mode can to some extent relieve students’ current economic pressure, but 79.7 percent of them said it would also shape negative consumption values. Besides, 59.9 percent and 52.4 percent said it would aggravate personal and family burdens and lead to various kinds of credit problems if the loans are not paid back on time.

Wang Lan, a staff from Hebei Normal University of Science and Technology noted that it’s a universal practice for college students to apply for installment plans. “Students need to build correct consumption values and say no to over consumption,” Wang said.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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