Research On The Impact Of Delayed Retirement And Adjustment Of Birth Policy On Family Education Expenditure Under The Background Of Endowment Insurance Fee Reduction

With the development of the times,Chinese families are paying more and more attention to education,and the proportion of family consumption behavior allocated to children’s education is increasing year by year.As one of the core human capital expenditures of families,the extent to which each family invests in education is important for raising offspring,future income and the sustainable development of the family.In 2019,the implementation of reforms in China’s pension system and the decline in the proportion of corporate pension contributions will have an impact on the quality of life of our residents after retirement,which in turn will affect the individual’s investment in human capital for their children.At the same time,Chinese society is now facing a major demographic challenge.In addition to the continuing low fertility rate,the population is aging more and more.In the face of the aging trend,which will not be reversed in the near future,the state has made a number of public policy changes,including delaying retirement,in order to mitigate the negative effects of population aging on society.The delayed retirement not only postpones the retirement age,but also changes the income structure of individuals in their old age.The increase of individual income will inevitably affect individual consumption to a certain extent,and education expenditure,as a significant part of household consumption expenditure,will also be affected.In addition,in order to cope with the changing demographic trends and to further optimize our demographic structure and fertility policy,China’s fertility policy is undergoing a series of adjustments,namely the two-child policy,the separate two-child policy,the comprehensive two-child policy,and the three-child policy.The continuous adjustment of the fertility policy has largely released the fertility demand of Chinese families and improved the predicament of low birth rate,insufficient supply of social labor and excessive burden of aging in China.But while the adjustment of the fertility policy can bring many benefits,it also imposes a heavy burden on families.In the face of the economic problems that have to be faced,family expenditure on education is also an important part of the impact,and changes in educational investment may affect the human capital and future development of children.In this paper,we construct a three-period intergenerational overlap model as a basis for numerical simulation and further analysis to measure how the education expenditure of families will evolve under the adjustment of fertility policy and delayed retirement,and how to further promote the importance of family education while how the burden of families can be appropriately reduced.This has important implications for the formation of human capital for future generations,the level of family education,and the development of quality of life.The study shows,firstly,that the share of family education expenditures is negatively related to the delayed retirement age.As the wage rate decreases with the average physical capital of the labor force,thus making the decline in individual disposable income a negative incentive for family education investment.Secondly,the share of household education expenditures is negatively correlated with the population growth rate.Since children have consumer-like properties,an increase in the number of children leads to a decrease in the share of education expenditures through a marginal regressive effect.In view of the above research results,and taking into account the reality of China’s increasing aging and declining fertility rate,the following insights are obtained from the perspective of improving human capital and sustainable development: in order to avoid the huge impact of the policy implementation,a flexible delayed retirement policy can be implemented,and a complete social security system can be formed by improving the support guarantee of the fertility policy and increasing public investment such as education and promoting the complementary role of commercial insurance.In this way,we can achieve a high quality of population development and mitigate the negative impact of various policies on family education expenses,so as to maximize the effectiveness of each policy.