金融知识、风险态度与个人养老金参与行为

Financial Knowledge,Risk Attitude and Individual Pension Participation Behavior

在我国全面推行个人养老金制度的背景下,居民对个人养老金的有限参保抑制了制度的实施效果。运用2023年对西安市居民的网络问卷调查数据,本文实证研究了金融知识、风险态度对居民参与个人养老金的影响。研究结果表明:金融知识能够增加居民对个人养老金制度的了解,增进对制度的信任,提升投资能力,推进居民对个人养老金的参与行为;风险态度是居民参与个人养老金的重要因素,风险偏好的居民对不确定性有更强的承受能力,对投资损失有更高的乐观程度,更积极参与个人养老金。风险态度部分传递了金融知识对个人养老金参与行为的影响,金融知识可以使居民对风险做出正确预判,减少对风险的排斥,提高风险偏好程度,从而激励居民参与个人养老金。此外,金融知识、风险态度对居民参与个人养老金的影响在学历和收入方面存在异质性。提供通俗易懂的养老金融知识和个性化的风险投资服务,推动“个人养老金进万家”活动,打造定制化的风险投资指导方案是激励居民参与个人养老金的重要举措。

Under the background of the comprehensive implementation of the individual pension system in our country,the limited participation of residents in individual pension has restrained the effectiveness of the system.Using the survey data of residents in Xi'an in 2023,this paper has empirically studied the impact of financial knowledge and risk attitude on residents'participation in individualp ension.The research results show that financial knowledge can increase residents'understanding of the individual pension system,enhance trust in the system,improve investmentability,and promote residents'participation in individual pension.Risk attitude is an important factor in residents'participation in individual pension.Residents with a preference for risk have a stronger tolerance for uncertainty and a higher degree of optimism about investment losses,and are more actively involved in individual pension.Risk attitudes convey the partial impact of financial knowledge on individual participation in pension plans,as financial knowledge enables residents to make correct judgments about risk,reduce aversion to risk,and increase the degree of risk preference,thereby motivating residents to participate in individual pension.In addition,there is heterogeneity in the impact of financial knowledge and risk attitudes on residents'participation in individual pension plans in terms of education and income.Providing easily understandable knowledge about pension finance and personalized risk investment services,promoting the"Pension for All"campaign,and creating customized risk investment guidance programs are important measures to encourage residents to participate in individual pension plans.