The present research revealed characteristics and influential factors of Chinese citizens’ willingness to spend on different expenditure categories, which are important for guiding rational investment and consumption. Based on a sample of 10058 citizens from 31 provinces and regions in China, this study investigated the relationships between Chinese citizens' financial literacy and their willingness to spend on seven expenditure categories. Ranking in descending order, people’s willingness to spend on the seven expenditure categories were: Depositing in banks, investing in fixed assets, investing in financial products, investing in a business, daily consumption, hedonic consumption, and public welfare donation. People's willingness to expend on different expenditure categories had significant differences in demographic characteristics such as gender, hukou status, birth cohort, marital status, education, and income. The index of Homo Economicus and its contents (financial knowledge, financial ability, and financial management values) positively predicted spending willingness on financial products investment with strong predictive power, positively predicted spending willingness on investments such as fixed assets investment with medium predictive power. The index of Homo Sociologicus and its contents (wealth values and financial ethics) positively predicted spending willingness on public welfare donations with strong predictive power, positively predicted spending willingness on daily consumption with weak predictive power.