(Yicai Global) Aug. 1 -- Chinese consumers have a basic understanding of what debit and credit cards, as well as savings accounts, are but they don't know enough about how to use these cards, take out loans, invest and get insured, according to a study released by the nation's central bank.

Consumers' financial literacy has slightly improved over the past two years but large gaps exist between different groups, the findings of the latest biennial financial literacy survey that involved a sample size of 18,600 individuals shows. In the meantime, Chinese people have become more open to splurging instead of saving money. 

Consumers are rather equipped to compare financial products and identify illegal ones. However, their techniques to spot fake notes are insufficient, the study added. 

Survey participants were mostly interested in bank cards, wealth management products, mortgages, investing in funds, and online banking services.

Editor: Emmi Laine