‘Little Warren Buffetts’: Chinese parents pay top dollar to send kids to financial literacy camps

Every summer, Chinese parents send their children to expensive financial literacy camps in a bid to create "little Warren Buffetts." These camps, which typically last a week to ten days, charge around 12,800 yuan (US$1,900) per child to teach basic financial literacy and entrepreneurship skills. Parents are keen on these camps, often reserving spots months in advance due to their increasing popularity.

At events like the Daxiang Teenage FQ Summer Camp, children participate in simulated stock markets, investor meetings, and grocery product trade scenarios, earning tokens by buying and selling at these "markets." Through evaluating their profits and losses at the end of each day, students are encouraged to think critically about money.

Some camps organize excursions, where students identify business opportunities, sell small items at street stalls, write business plans, and prepare financial statements. Advanced camps might offer niche programs focused on leadership skills or entrepreneurship in STEM fields. These camps also invite visiting scholars and financial experts to share insights into the industry.

The camps come with mixed reactions. While some parents, like Mei from Zhejiang province, report that their children become more self-motivated and focused after attending, others like a mother from Henan province worry that children become overly focused on money. They may seek financial rewards from parents for academic achievements or household chores.

Some argue that these camps fail to teach the reality of business success, which often involves failure and hard work. Despite criticism, the popularity of these camps stems from China's challenging job market, where the unemployment rate for those aged 16-24, excluding students, is nearly 15 per cent.