30% of new graduates supported by families

A report based on answers to 350,000 questionnaires said 30 percent of new graduates from universities still depend on financial support from their families and about 40 percent have barely any savings, Beijing Youth Daily reported on Monday.

Jointly authored by Peking University's Market and Media Research Center and www.ganji.com, a job-seeking website, the report said the average monthly salary of students who graduated in 2014 is 2,443 yuan ($395), which is about half the cost of an Apple iPhone.

According to the report, students who graduated in 2014 spend 1,138 yuan per month on average. Those who have already found jobs spend 1,229 yuan per month on average, while those who are still seeking jobs spend 1,122 yuan.

The report said the average monthly savings amount for new graduates is 325 yuan, but about 40 percent of new graduates who are working have no savings.

More than 30 percent of graduates still live off their parents, thus becoming what are known as boomerang children. The majority of these young people are unemployed, the report said.