Pension Burden、Parent Help And Family Human Capital Investment

With the deepening of the aging of our society,the intergenerational relationship within the family has undergone a major change,and the impact of aging on family behavioral decisions such as family human capital investment has also become more complex.On the one hand,the burden of care for the elderly caused by the aging of the population is gradually increasing,which may have an impact on family human capital investment.On the other hand,the younger generation is facing more serious work and life pressures,and the intergenerational relationship is no longer limited to the simple “backfeeding” behavior.The elderly will provide help for their adult children in many ways,such as financial help such as cash and material,and time help such as looking after children or doing housework,which will have an impact on family human capital investment.Based on the existing theories and literature,the article is committed to revealing the impact of aging on family human capital investment through theoretical model analysis and empirical test analysis from two levels of financial effect and time effect.In the theoretical model analysis,the establishment of OLG model is used to analyze the impact of the pension expenditure borne by the second-generation and the financial help provided by the first generation on the education expenditures of the children.In the impact mechanism analysis,the family human capital investment is divided into two dimensions: the education expenditure and the educational participation.The financial and time aspects of the pension burden and parent help are described to explain the influence mechanism of aging on the family human capital investment.In the empirical test analysis,the CFPS data and Tobit,Ologit,Oprobit models are used to reveal the actual impact of human capital investment at the micro-family level,and test the impact of the pension expenditure,care time and financial help,time help on the family’s human capital investment.The research shows: First,the pension expenditure borne by the secondgeneration will inhibit the education investment of children,while the financial help provided by the first generation will promote the education investment of children.In addition,the impact on lower-income families is more pronounced.Second,the time and energy spent by the second-generation parents will not weaken the the education participation of children,but will promote the "self-interested motivation";the time help provided by first-generation parents will promote the education participation of children.In addition,education participation is affected by care time and time help between urban and rural areas and gender differences.The following policy recommendations are put forward: first,increase investment in education and narrow the gap in human capital;second,improve the pension security system,and reduce the burden of family pensions;third,promote the participation of the elderly in labor,and explore the human resources of the elderly;fourth,strengthen education participation guidance,and improve the quality of family education participation.