A Study on the Financial Planning of the Empty-nest Elderly in Rural and Urban Areas in China:Findings from China Longitudinal Aging Social Survey
Using the data of 2018 China Longitudinal Aging Social Survey(CLASS),the paper analyzes the current status of financial planning of the empty-nest elderly in urban and rural areas in China.The influence mechanism of income on pension planning through the intermediary effect of pension responsibility concept is also analyzed.It is found that about 41.46%of the empty-nest elderly have financial plan.The proportion of the empty-nest elderly living alone having financial plans is lower than that of the elderly living in couples.Cash savings is the main economic planning method for the empty-nest elderly.The total economic income and its main components of the empty-nest elderly,such as labor income,pension insurance and economic income provided by children,have significant direct influences on whether the empty-nest elderly have financial plan.The effect of the economic income on the financial plan of the empty-nest elderly is moderated by the concept of the pension responsibility.Under the intermediary effect of the pension concept that the government,society and family share the responsibility for the elderly,the elderly having high economic income,pension insurance for enterprises and institutions and financial support from their children are more likely to make financial plan,but the elderly having urban and rural resident pension insurance are more likely not to make financial plan.
financial planempty-nest elderlyincomeconcept of pension responsibility
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