子女同住对养老第三支柱建设的影响研究——基于CFPS的经验证据

The Influence of Coresiding with Children on the Construction of the Third Pillar of Individual Pension:Empirical Evidence Based on CFPS

2021年11月出台的《中共中央、国务院关于加强新时代老龄工作的意见》在倡导“鼓励成年子女与老年父母就近居住或共同生活,履行赡养义务、承担照料责任”的同时,强调要“促进和规范发展第三支柱养老保险”。两者之间能否兼容促进很大程度上决定了中央积极应对老龄化战略能否切实贯彻到解决养老问题的实践之中,但现有文献对两者之间关系缺乏必要关注。文章利用2016年和2018年中国家庭追踪调查CFPS数据,从老年人金融参与的视角检验了子女同住对养老第三支柱建设的影响。研究发现,子女同住显著促进了养老第三支柱建设,提高了老年人金融参与积极性,尤其是对风险金融资产投入的促进更加显著。老年人为男性、居住东部地区、子女教育水平和个人收入高时这种促进效应更显著。机制研究发现,子女同住降低了老年人风险厌恶程度、增加了老年人知识认知和信息接触,从而增加老年人金融投资;同时发现老年人给予子女的劳动支持更能促进个人养老金参与,而子女对父母的照料未发现该促进效应,支持了子女同住的代际交换动机。结论表明,子女同住与养老第三支柱建设可有效互补。发展养老第三支柱不但能够满足老年人在子女赡养能力不足的情况下高质量的自我养老需求,更是能提升老年群体的自我获得感和幸福感,让养老负担转化为积极养老。

The construction of the third pillar of individual pension is an important measure to deal with the aging population and improve the multi-level social security system.Using CFPS data from 2016 and 2018 China Family Tracking Survey,this paper examines the impact of coresiding with children on the construction of the third pillar of individual pension care from the perspective of financial participation of the elderly.The study found that coresiding with children significantly promoted the construction of the third pillar of individual pension,and improved the enthusiasm of the elderly for financial participation,especially the investment in risky financial assets.And the elde‘r s different gender,living area,children’s education level and personal income will have differences in the proportion of investment in risky financial assets of the elderly.Coresiding with children can increase financial investment of the elderly mainly through mechanisms such as improving risk tolerance,inter-generational support and knowledge spillover.The conclusion shows that the third pillar of individual pension of coresiding with children and old-age care can effectively complement each other.The main contributions of this paper are as follows:first,coresiding with children and the construction of the third pillar of individual pension are put into the same research framework,and the feasibility of developing the third pillar of individual pension is analyzed and verified on the basis of the existing family-based pension,which is more closely related to the reality and provides a new perspective for exploring the construction of the third pillar of individual pension.Existing literature on the impact of different pension modes on the elderly is relatively comprehensive,but few literatures discuss the relationship between coresiding with children and the development of the third pillar of individual pension.This paper enriches the discussion on this relationship.Second,it reveals the mechanism of family pension affecting financial self-support from three perspectives:risk attitude,inter-generational support and knowledge spillover,which is helpful for a deeper understanding of the origin of“limited participation”in financial markets.Third,the construction of the third pillar of individual pension is explored as a way for the elderly to improve their autonomy in life.Existing studies on pension system construction often ignore the initiative of the elderly themselves in the pension,as the main body of the pension is often in a passive position.Under the realistic background that both family and social pension are facing heavy pressure,the conclusion of this study provides a feasible reference for the elderly to independently provide high-quality pension.