The Impact Of Delayed Retirement On Household Consumption:Multidimensional Decomposition And Mechanism Analysis

China is facing a serious aging population problem.According to the United Nations classification criteria of Population Aging and Its Socio-economic Consequences in 1956,China has entered an aging society since 2000,and entered the ranks of seriously aging countries in 2014.As China enters an aging society,a number of challenges have arisen,including insufficient labor supply and increasing pressure on pension security.In order to alleviate the impact of aging population,our country suggests to implement the policy of delaying retirement gradually.However,retirement prospects are an important factor in the evolution of consumption.With the transformation and improvement of the Chinese economy,consumption is crucial to the national economy.With the aggravation of aging,the consumption demand of the elderly cannot be ignored.Promoting household consumption is the key to unclogging the domestic circulation and promoting high-quality economic development.But studies have shown that an aging population and an increase in the number of retired people will have a negative impact on household consumption.China is facing a serious aging population problem.According to the United Nations classification criteria of Population Aging and Its Socio-economic Consequences in 1956,China has entered an aging society since 2000,and entered the ranks of seriously aging countries in 2014.As China enters an aging society,a number of challenges have arisen,including insufficient labor supply and increasing pressure on pension security.In order to alleviate the impact of aging population,our country suggests to implement the policy of delaying retirement gradually.However,retirement prospects are an important factor in the evolution of consumption.With the transformation and improvement of the Chinese economy,consumption is crucial to the national economy.With the aggravation of aging,the consumption demand of the elderly cannot be ignored.Promoting household consumption is the key to unclogging the domestic circulation and promoting high-quality economic development.But studies have shown that an aging population and an increase in the number of retired people will have a negative impact on household consumption.The results show that,firstly,delaying retirement will have an impact on household consumption level to a certain extent: postponing retirement age extends the working life of middle-aged and elderly people,increases the wage income level of their families,and has a significant role in promoting the total household consumption expenditure.Secondly,the delayed retirement will affect the household consumption structure to a certain extent: the delayed retirement may increase the food expenditure,clothing expenditure,durable goods expenditure and basic living expenditure of the laborer’s family during the delayed retirement period.Reduce household consumption expenditures on health and leisure.Thirdly,from the perspective of the individual characteristics of the household head,the impact of the age of the household head on the total household consumption expenditure is significantly negative at the significance level of 1%.The influence of marital status and years of education on total household consumption expenditure is significantly positive.From the perspective of family characteristics,social medical insurance,family size and family income level can also significantly promote the increase of total household consumption expenditure.This is also consistent with the conclusions of many previous studies.Fourth,when considering the impact of retirement postponement related to household income on aggregate household consumption expenditure,retirement postponement boosts aggregate consumption expenditure more for lowincome households than for high-income households.In addition,the effect of delaying retirement on consumption expenditure of households with different income levels also has a certain heterogeneity.On this basis,this paper puts forward the following suggestions.First,appropriately extend the retirement age.Second,we need to fully narrow the retirement age gap between men and women,give full play to women’s professional abilities and unleash their consumption potential.Third,we will continue to improve the social security system,including medical insurance and pension insurance,to reduce the pressure of economic uncertainty faced by households.