| Against the backdrop of supply side reform and industrial upgrading,China’s economy has entered a new era of high-quality development,and residents’ savings and wealth are also increasing.However,with the increasing downward pressure on the economy,various fraudulent and illegal activities targeting residents are also increasing,which poses a threat to the property safety of Chinese residents.Moreover,with the continuous improvement of the aging degree of our society,middle-aged and elderly people have gradually become the focus of choice for criminals,and they are facing a higher risk of fraud.This article focuses on analyzing the impact of cognitive and non cognitive abilities on middle-aged and elderly people by analyzing the factors that affect their risk of fraud and whether they can avoid financial losses,in order to put forward relevant suggestions and promote the construction of a friendly society for middle-aged and elderly people.Based on CHARLS2015&2018 data,and using the probit model with sample selection,this paper studies and analyzes the influencing factors of financial risk and financial loss avoidance for middle-aged and elderly people,in which non cognitive ability is measured by the Big Five personality model,focusing on the impact mechanism of cognitive ability and non cognitive ability on fraud and loss avoidance for middle-aged and elderly people.The research results indicate that firstly,among the Big Five personality traits,middle-aged and elderly people with different personality traits have different susceptibility to fraud.In addition to conscientious individuals,other four dimensional personality traits have a significant impact on the fraud risk of middle-aged and elderly people.Among them,middle-aged and elderly people with pleasant,neurotic,and extraverted personalities are susceptible to highrisk groups,while those with open personalities are low-risk groups.Secondly,higher cognitive abilities can not only reduce the risk of fraud in daily life for middle-aged and elderly people,but also reduce their financial losses after encountering fraud.Third,middle-aged and elderly people with high education background and high debts,as well as middle-aged and elderly people in urban and western areas,are more likely to be deceived.At the same time,the heterogeneity analysis results of this article indicate that neurotic personality has a greater impact on middle-aged people,while cognitive ability is more critical for older people.Although cognitive and non cognitive abilities have a significant impact on middle-aged and elderly people with high and low education levels,they have a greater impact on middle-aged and elderly people with low education levels.The moderating effect indicates that the moderating mechanism of internet use affects the fraud risk of middle-aged and elderly people through the regulation of cognitive ability,making them more susceptible to fraud.However,internet use can reduce the likelihood of financial losses.Based on the research findings,some suggestions are proposed in the end of this article.This article believes that it should be implemented at three different scales:household,financial institutions,and government.From a family perspective,it is important to focus on family communication and elderly care,improve the cognitive level of middle-aged and elderly people,enhance their methodological awareness,create a harmonious family atmosphere,and improve the susceptibility of specific personalities.From the perspective of financial institutions,it is necessary to focus on popularizing financial fraud methods and preventive measures to middle-aged and elderly people,and improving their coping ability.From a government perspective,it is necessary to implement reasonable policies to improve the cognitive abilities of middle-aged and elderly people,while paying attention to the aforementioned personality traits and reducing their fraud sensitivity. |
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