Survey shows young savers value security above return

Young Chinese are still more likely to put their money into straightforward savings accounts than any other form of investment product and they are happier to trust their parents before financial institutions when doing so, a survey shows.

The study, by investment bank The Bank of New York Mellon Corp and a team from Said Business School at the University of Oxford, polled 1,178 individuals born after 1980 - often called millennials - from seven countries: China, Australia, Brazil, Japan, the Netherlands, the United Kingdom and the United States.

The results showed 68 percent of the Chinese polled said they already had deposit accounts, a higher rate than in any of the other six countries, and 78 percent of those said they were happy with their returns. Some 73 percent of the Chinese females polled said they were savers, against just 34 percent of American females.