养老开支视角下居民储蓄动机研究

Analysis on residents’ saving motivation from the perspective of pension expenditure

我国正在步入中度老龄化社会。为帮助居民做出合理储蓄决策应对未来养老开支,本文利用中国家庭金融调查数据描述居民养老和退休财务安排状况。利用家庭调查数据,计算各年龄组的储蓄和储蓄率,并把收入分为不同的来源,分析各个年龄组的收入构造,发现居民从51岁开始,储蓄率开始不断下降;61岁后居民储蓄率明显下降。年轻人的收入中,劳动收入占比比较大,一般都在50%以上;61岁后老年人收入以转移支付为主,主要是退休金的领取。通过两期世代模型研究居民的养老财务安排,对中国居民的储蓄动机进行实证分析。研究发现:居民储蓄是养老安排的重要渠道之一。基于此,建议不断完善养老保险制度,加强养老金融知识教育,健全覆盖养老医疗的社会保险体系。

China is entering a moderately aging society. In order to help residents make reasonable saving decisions to cope with future pension expenses, this paper uses the data from China Household Finance Survey to describe the financial arrangements for residents’ pension and retirement. Using household survey data, calculating the savings and savings rate of each age group, dividing the income into different sources, and analyzing the income structure of each age group, this paper finds that the savings rate has been declining since the age of 51 and the savings rate dropped significantly after the age of 61. Among young people’s income, labor income accounts for a large proportion, generally more than 50%. The income of the elderly after the age of 61 is mainly transfer payment,mainly for pension. This paper studies the financial arrangements of residents’ pension through a two period generation model, and makes an empirical analysis of the savings motivation of Chinese residents. The research finds that residents’ savings is one of important channels for elders’ life arrangements. Based on this, we should constantly improve the pension insurance system, strengthen the education of financial pension knowledge, and improve the social insurance system covering pension medical care.