Contrary to public belief that young consumers are frivolous spenders, nearly 50 percent of Taiwan college students possess good financial management skills, according to a report reaching here from Taipei Tuesday.

The results of a MasterCard survey showed that instead of being "materialistic paycheck spenders, nearly 50 percent of the students polled have a high awareness of their financial situations and show sound financial management skills."

The survey showed females are better at managing their finances than their male counterparts. Compared with female students (7.6 percent), twice as many male students (14.7 percent) found themselves in financial crisis as measured by the "personal financial health index" used in the survey.

25.5 percent of the male respondents surveyed spend significant amount on trying to impress girls, compared with 5.5 percent of their female counterparts, according to the survey.

Women, however, spend more on skin care, with 24.5 percent female students spending on skin care and cosmetics, compared with 1.5 percent male ones.

MasterCard conducted the survey between March 8 and March 31 among 550 students from five Taiwan universities.

Editor: Yan