Young generation emerges as big spenders using credit

The traditional frugality of Chinese people and their high rate of household savings are being challenged by the younger generation, who are motivated to spend with borrowed money, a new study has found.

One in four of those aged between 18 and 27 use pay-by-credit services Ant Check Later, a personal loan and installment service under e-payment provider Ant Financial Services Group, as these freer spenders form the very core of the country's burgeoning consumer-credit landscape.

That translated into 45 million young adults using the money of tomorrow for discretionary purchases, Ant said. People born in the 1990s constitute 47.3 percent of the platform's registered users.