Study On The Retirement Saving Behavior Of Urban And Rural Residents

In 2021,China has 201 million people aged 65 and over,accounting for 14.2% of the total population,and has officially entered a deep aging society.With the deepening of aging,the burden of China’s pension system is gradually increasing.Relying on basic pension insurance alone has been difficult to meet the expectations of the elderly.In order to actively respond to the aging population and reduce the economic pressure of the elderly,since 2006,the State Council,China Securities Regulatory Commission,China Banking and Insurance Regulatory Commission and other departments have intensively issued various policies to encourage residents to save for retirement.In 2019,The Draft of the National Medium and Long Term Plan for Actively Responding to Population Aging pointed out that households and individuals should save for retirement.Accordingly,banks,insurance companies and fund companies have actively launched different forms of retirement financial products,such as retirement wealth management products,commercial endowment insurance,retirement target fund and retirement trust,providing diversified choices for individual retirement saving.The growth of income level also provides conditions for individuals to save for retirement.Statistics show that in the 70 years since the founding of The People’s Republic of China,the per capita disposable income of Chinese residents has actually increased by 59.2 times,and the middle-income group has gradually increased,which is expected to account for about half of the total population by 2035.This shows that many people have a certain capacity of saving for retirement.Increasing residents’ individual retirement saving is not only the common practice of most countries in the world to deal with population aging,but also in line with the basic essence of China’s pension system reform.The research on the retirement saving behavior of urban and rural residents has important practical significance for preventing the occurrence of old-age poverty,resisting the risk of old-age life,improving the quality of old-age life and promoting the development of personal pension finance.However,many surveys show that Chinese residents’ retirement saving is not enough,and the dual effects of policy stimulus and income increase have not had a significant effect on retirement saving behavior.Based on the Precautionary Saving Theory and using the survey data of "CAFF50" in 2017,this paper comprehensively investigates the impact of income level and income uncertainty on retirement saving behavior,analyzes the differences between urban and rural areas and regions.In addition,because the samples come from different provinces and individuals live in different macro environments,which will arise cross-level research problems.Simply putting macro and micro factors into the same model and using the traditional model for analysis may lead to the autocorrelation of residual terms in the regression model,which can not truly reflect the reality and reveal the internal logic.Therefore,this paper further uses the hierarchical model to analyze the impact of income level and income uncertainty under the macro background.Based on the above analysis,the following conclusions are drawn:(1)There are urban-rural differences and regional differences in residents’ retirement saving.From the perspective of retirement saving decision-making,most residents have saved for retirement,accounting for 89.77%,and the proportion of rural residents who have saved for retirement is lower than that of urban residents;In terms of retirement saving scale,the proportion of scale below 300000 is high,accounting for 53.48%,and the scale of rural residents is lower than that of urban residents;From the perspective of retirement saving mode,the proportion of residents who choose deposit and wealth management products for retirement is the highest,followed by commercial endowment insurance,the proportion of residents who choose real estate for retirement is the lowest,and the diversification of retirement saving of urban residents is higher than that of rural residents;From the perspective of retirement saving channels,most residents choose bank to save for retirement.In addition,regional differences show that the proportion,scale and diversification of residents’ retirement saving in Northeast China are lower than those in the other three regions.(2)Income level and income uncertainty have an impact on the decision-making of retirement saving,and there are certain urban-rural differences and regional differences.From the perspective of urban-rural differences,income level and income uncertainty have a significant positive impact on retirement saving decision-making.Income level has a greater impact on retirement saving decision-making of urban residents,and income uncertainty has a greater impact on rural residents.From the perspective of regional differences,income level and income uncertainty have a significant positive impact on the retirement saving decision-making of residents in the East,Central and West,but have no significant impact on the residents in the northeast.Among them,income level has the greatest impact on the retirement saving decision-making of residents in the west,and income uncertainty has the greatest impact on the residents in the middle.From the perspective of heterogeneity test,income level has a greater impact on the decision-making of residents in women,older,with lower education and in economically underdeveloped areas,and income uncertainty has a greater impact on the decision-making of residents in older,with lower education and in economically underdeveloped areas.(3)Income level and income uncertainty have an impact on retirement saving scale,and there are certain urban-rural differences and regional differences.From the perspective of urban-rural differences,the income level and income uncertainty have a positive impact on the retirement saving scale of urban residents.The retirement saving scale of rural residents is only affected by the income level and will not change due to the change of income uncertainty;In addition to the high quantile(90% quantile),the impact of the income level on the retirement saving scale of urban residents is slightly lower than that in rural areas,and the impact of the income level of urban residents is greater in other quantiles.The impact of the income uncertainty of urban residents on the 75% quantile and 90% quantile is greater than that in rural areas,and the impact on the 25% quantile and 50% quantile is less than that in rural areas.From the perspective of regional differences,income level has a greater impact on the retirement saving scale of Eastern residents,and income uncertainty only has a significant positive impact on the retirement saving scale of Eastern residents.From the perspective of heterogeneity test,income level has a greater impact on men,the older,people with higher education and in economically underdeveloped areas;Income uncertainty will only affect the scale of older residents and people with lower education.(4)Income level and income uncertainty will have an impact on the retirement saving structure,and there are certain urban-rural differences and regional differences.From the perspective of urban-rural differences,the income level has a more significant impact on rural residents’ choice of deposit and wealth management products and real estate choice,urban residents’ stock and fund choice and commercial endowment insurance choice;Income uncertainty has a more significant impact on urban residents’ deposit and wealth management product choice,commercial endowment insurance choice,real estate choice and rural residents’ stock and fund choice.From the perspective of regional differences,the income level has the greatest impact on the deposit and wealth management product choice and stock and fund choice of northeast residents,the commercial endowment insurance choice and real estate choice of western residents;Income uncertainty has the greatest impact on the deposit and wealth management product choice and stock and fund choice of western residents,the commercial endowment insurance choice of Eastern residents and the real estate choice of northeast residents.From the perspective of heterogeneity test,the income level has a greater impact on the deposit and wealth management product choice and real estate choice of residents in female,older,less educated and economically underdeveloped areas,a greater impact on the stock and fund choice of residents in female,younger,less educated and economically developed areas,and a greater impact on The commercial endowment insurance choice of residents in male,younger,less educated and economically underdeveloped areas;Income uncertainty has a greater impact on the choice of deposit and wealth management product of residents in women,older and more educated and economically underdeveloped areas,on the choice of stock and fund of residents in men,younger,more educated and economically underdeveloped areas,and on the choice of commercial endowment insurance of residents in men,younger,more educated and economically developed areas,a greater impact on the real estate choice of residents in male,older and more educated and economically underdeveloped areas.(5)The regional macro environment will have an impact on the relationship between income level,income uncertainty and retirement saving.First,the macro environment will affect the relationship between income level,income uncertainty and retirement saving decision-making.Regional economic development level,education level and financial development level will have a negative impact on the relationship between income level and retirement saving decision-making.The role of income uncertainty and interaction items on retirement saving decision-making will not be affected by the macro environment.Second,the macro environment will affect the relationship between income level and income uncertainty and the scale of retirement saving.The effect of income level on the retirement saving scale will be positively affected by the level of regional economic development and financial development.The relationship between income uncertainty and retirement saving scale will not be affected by the regional macro environment,and the interaction will be positively affected by the level of financial development.Third,the macro environment will affect the relationship between income level,income uncertainty and retirement saving structure.The impact of income level on the choice of deposit and wealth management products will be negatively affected by social security and insurance,the choice of stock and fund will not be affected by the macro environment,and the choice of commercial endowment insurance will be negatively affected by the level of economic development,aging,education,financial development and social security and insurance,The impact on the choice of real estate will be negatively affected by the level of aging and education;The impact of income uncertainty on deposit and wealth management products choice,stock and fund choice and real estate choice will not be affected by the regional macro environment,and the impact on the choice of commercial endowment insurance will be positively affected by the level of economic and financial development.According to the above research conclusions,this paper puts forward the following suggestions: First,carry out financial subsidies and tax incentives to indirectly reduce the cost of residents’ retirement saving participation,improve residents’ purchasing capability and promote them to actively save for retirement;Second,optimize retirement financial products,focus on the long-term service ability of products,maintain the characteristics of "maintaining and increasing value" and "clear profit",and reduce uncertainty;Third,financial institutions should focus on the publicity of retirement financial products for residents with high income level and poor income stability.The government and other relevant institutions should pay attention to the groups with low income level and relatively stable income,carry out retirement financial education,and guide them to reasonably choose retirement financial products and services;Fourth,banks and financial institutions should design insurance products and pension funds for residents with low income uncertainty and low income.Fourth,banks and financial institutions should design their own insurance products and pension funds for residents with low income uncertainty to encourage them to actively save for retirement;Fifth,increase the education and publicity of pension concept in rural areas,change the existing pension concept in rural areas,cultivate their retirement saving awareness,focus on retirement financial education in Northeast China,and encourage them to actively save for retirement.