金融素养与养老规划——基于中国城市居民家庭消费金融调查数据的实证分析

Financial Literacy and Pension Planning——Empirical Analysis Based on Survey Data of Consumer Finance of Chinese Urban Households

金融素养作为家庭居民养老规划中一项重要的人力资本,对自身养老规划起着重要的作用。本文选取了清华大学公开发行的居民消费金融调查数据,来探究金融素养与养老规划的关系。为克服内生性问题,本文选用了合适的工具变量,并使用因子分析法对相关指标进行替代和稳健性检验。研究结论显示,金融素养越高居民越愿意参与养老规划,并且愿意持有更多的养老产品,养老规划的多样性更加丰富。同时,随着家庭居民养老规划多样性由低分位到高分位,总体金融素养水平对家庭养老规划多样性的影响呈现双倒U形趋势。基于以上分析,本文提出相关政策建议:一是居民需要不断提高自身的金融素养水平,二是政府相关部门应推行因地制宜的养老政策,并加强对养老方面的知识宣传。

As an important human capital in family residents’ pension planning,financial literacy plays an important role in their own pension planning. This paper focuses on this topic to explore the relationship between financial literacy and pension planning. This paper selects the consumer finance survey data of Tsinghua University to explore this situation. In order to overcome the endogeneity problem in the empirical analysis,this paper selects appropriate tool variables and uses factor analysis to replace the relevant indicators for robustness test. The conclusion is robust. The research conclusion shows that residents with higher financial literacy are more willing to participate in pension planning and hold more pension products,bringing about the diversity of family pension planning. At the same time,with the diversity of family residents’ pension planning from the low score to the high score,the influence of the overall financial literacy level on the diversity of family pension planning shows a double-inverted u-shaped trend. Based on the above analysis,we propose that residents need to continuously improve their financial literacy level,and relevant government departments need to carry out pension policies tailored to local conditions and strengthen knowledge publicity on pension.