The Influence Of Household Debt On Retirement Planning

With the deepening of the aging of the population,the pension problem has become the focus of social attention.However,China's three pillar old-age security system is now facing the problem of unbalanced development.At present,the state has taken the improvement of the multi-level old-age security system as the focus of its work,and focused on the construction of the third pillar of the old-age security system,in which private pension plans shoulder the heavy responsibility.When making the pension plan,the first issue to be considered by the residents' department is "whether there is money to support the aged",the problem of assets and liabilities,followed by "who will provide for the aged",the person responsible for the aged,and finally "how to provide for the aged",the choice of the way to provide for the aged.The change of the family assets and liabilities affects the residents' thinking on the latter two issues.Based on the data of 2015 China family financial Survey(CHFS)of Southwest University of Finance and economics,this paper uses Probit model to study the impact of family debt,excessive debt and housing debt on the residents' pension plan.The paper holds that the rapid growth of the liabilities of the residents' sector is not in line with the macro orientation of realizing the multi-level pension security system,and is not conducive to the construction of the third pillar of the pension security system in China,and the following conclusions are drawn:First,household debt will weaken the sense of personal pension responsibility and restrain the residents from saving and investing for the pension,but it will make the residents purchase commercial pension insurance for the sake of prevention motivation when the economic conditions permit;excessive debt will weaken the sense of personal pension responsibility even more,and it will squeeze the residents' plan to save and invest for the pension more obviously.There is no significant impact of endowment insurance,which will make the residents transfer the burden of endowment completely to their children and the government,increase the burden of the government and their children,and restrain the residents from planning their endowment life in the way of the third pillar endowment insurance system.Second,compared with other types of debt,housing debt can weaken the individual's sense of responsibility for the aged,inhibit the investment of saving for the aged,and inhibit the development of the third pillar of the pension security system from the perspective of residents.Third,compared with other types of liabilities,housing liabilities can weaken the individual's sense of pension responsibility;compared with other liabilities,housing liabilities bring greater economic pressure to residents,and other types of liabilities will make residents increase the purchase of commercial pension insurance,but housing liabilities have no significant impact on it,and more inhibit residents' saving investment for pension,and restrain pension insurance from the perspective of residents The development of the third pillar of the barrier system.Fourth,household debt plays a stronger role in weakening the sense of personal pension responsibility of low-income residents,and has a stronger inhibitory effect on the saving and investment behavior of high-income families.The inhibition effect of housing debt and excessive debt on the third pillar of pension security system is more obvious in high-income families.Fifth,In the face of family debt,the elderly tend to leave the responsibility of providing for the aged to their children,and the middle-aged and young people tend to choose the three to share with the government.The over borrowing behavior of middle-aged residents and the housing debt holding behavior of elderly residents are not conducive to the development of the third pillar pension security system from the perspective of residents.According to the empirical results,this paper puts forward the following suggestions: first,improve the national financial literacy,improve the sense of personal pension responsibility;second,improve the tax preferential policies,pay attention to the development of pension financial products;third,establish a multi-level family debt constraint mechanism,promote the stable development of the real estate market;fourth,strengthen the supervision of the financial market,and maintain the order in the field of pension finance.The main innovations of this paper are as follows: Firstly,pay attention to the integrity of the pension plan,research the residents' pension plan step by step;respectively study the influence of family debt,excessive debt and different kinds of debt on residents' pension responsibility consciousness and pension mode selection,and expand the theory of private pension field.Secondly,From the perspective of household leverage,this paper provides an explanation for the slow development of the third level social security system in China.Thirdly,From the perspective of the construction of the third pillar of China's social insurance system,this paper proves that the rapid increase of household sector debt may have a significant negative socio-economic effect,which provides direct evidence for "restraining the excessive increase of household sector leverage".Fourthly,In this paper,when considering the personal pension plan,in addition to joining the commercial pension insurance,we also comprehensively consider the pension plan through savings investment.