Medical bills top priority in rainy day saving

Nearly half of the Chinese respondents are actively saving for the education and other expenses of their children.

"With only one child in the family and fierce competition in the job market, Chinese parents all try their best to ensure their children receive a good education from an early age, including expenses beyond compulsory education," said Wang.

As with health saving, Chinese consumers use multiple investment products to fund their children's futures. Local currency is the most common method, chosen by 66 percent of respondents, followed by 45 percent who chose children's education funds.

"Spending money on children's education and other expenses will be the major costs for my family in about three years as we are willing to offer the best for our kids in the future," said Ye Qingzhou, 33, a businessman in Wenzhou, Zhejiang province, who is the father of two girls.

Ye added that he bought education insurance for his daughters when they were born, and each will get about 300,000 yuan ($49,537) when they turn 18.

According to the study, 82 percent of Chinese respondents believe they will achieve all their financial goals for the future, with 35 percent saying their current planning will be enough.

Another 47 percent said they will need to closely monitor and adjust their investments from time to time to best meet their financial expectations.

"Preparing for one's financial future or for the unexpected is a tradition among Chinese consumers,"said Wang.