Financial Literacy And Retirement Planning Behavior Of Urban Residents

According to The Report on China's National Strategy on Population,China expects the proportion of the elderly population over 60 years old to reach 16% to 234 million in 2020.The population of the elderly will reach a peak around 2050,accounting for 30%,reaching 430 million.Under the background of increasing aging population,declining work rate,marriage rate and birth rate,China,as the largest developing country in the world,has begun to step into an aging society at an accelerated pace under the circumstances that the old-age planning system is not perfect and the public's pension awareness is relatively weak.According to the survey of China's Endowment Finance Survey 2017,at present most people have initially acquired the consciousness of endowment reserve and the corresponding reserve methods are more abundant,but the actual total amount of reserve is still insufficient and the traditional endowment is still the mainstream.The concrete manifestation is that the public is idealized in their own old-age planning,but their money is relatively scarce.At the same time,they also lack the corresponding knowledge and rely too much on the state pension,resulting in the imbalance of endowment preparation.According to above situation,while improving the existing social security system for the aged,it is necessary to improve residents' financial literacy,that is,to improve residents' pension planning level from the micro level.Based on the survey data of China's urban consumer finance in 2012,this paper empirically studies the impact of financial literacy on China's urban family endowment behavior and its mechanism.In order to explore its internal mechanism,this paper creatively divides financial literacy into comprehensive financial literacy and endowment financial literacy.The research results show that there is a phenomenon of over dependence on national endowment insurance and insufficient independent endowment planning in the endowment behavior of urban residents in China.Financial literacy improves the planning quality by influencing the family's independent endowment planning behavior,while the national old-age insurance,which belongs to social compulsory old-age security,is mainly affected by residents' educational level and profession.Comprehensive financial literacy improves the quality of family independent planning in an all-round way,but only plays a significant role in families with higher education.Endowment financial literacy significantly affects the purchase of life insurance products,especially for families with lower academic qualifications.According to this,this paper believes that adopting more targeted strategies for different groups will be more conducive to the implementation of policies and the realization of corresponding objectives.