‘Little Warren Buffetts’: Chinese parents pay top dollar to send kids to financial literacy camps
‘Poverty is a mindset, not a status,’ resonates as a powerful mantra often heard echoing through the FQ training camps Every summer, mainland Chinese parents send their children to join a variety of costly physical training camps or even travel to Africa to observe animal migrations. Over the past two years, new financial quotient (FQ) training classes aiming to cultivate “little Warren Buffetts” have gained significant popularity among parents concerned about their children’s futures, as reported by Phoenix Weekly. “Poverty is not a status, but a mindset.” “You are a liability to your parents when you’re young, but you will become their asset when you grow up.” These slogans are commonly heard at FQ training camps. The classes typically last from a week to 10 days and charge a minimum of 12,800 yuan (US$1,900) per child. Students acquire basic financial literacy and learn about entrepreneurship and wealth management, preparing them to “win at the starting line of the FQ race,” as many camps assert. They have become so popular that parents must reserve spots several months in advance. Some parents have taken to social media to inquire whether in-person training camps will be held in their cities.
