Influence Of Rural Residents ’ Financial Literacy On Pension Planning In Shandong Province

With the further deepening of China’s aging population,the pension problem has gradually become a hot topic of public concern.In October 2020,the Fifth Plenary Session of the 19 th CPC Central Committee explicitly proposed "Implementing the National Strategy for actively Responding to population aging",which for the first time elevated the active response to population aging to the level of a national strategy.The report of the Party’s 20 th National Congress once again reaffirmed the significance of actively dealing with the aging population strategy.Because of the gap in pension payment,residents’ cognition of pension responsibility has gradually changed to relying on self-pension,and perfect pension planning is a key point for people to live happily in their old age.Pension planning is a complex process,which has been the focus of scholars at home and abroad,especially the influence of financial literacy on pension planning.As an important human capital,financial literacy refers to an individual’s knowledge and ability to effectively manage their financial resources to serve their lifetime financial well-being.Therefore,to explore the influence of financial literacy on pension planning and the degree of influence is conducive to promoting the perfection of individual pension planning and the reasonable allocation of retirement wealth,so as to improve the financial well-being of elderly residents.On the basis of the existing research,this paper first preliminarily analyzes the financial literacy of rural residents and the status quo of pension planning in Shandong province according to the questionnaire data.Secondly,the index evaluation system of financial literacy is constructed and the factor analysis method is used to evaluate the financial literacy of rural residents in Shandong Province.Finally,the disordered tripartite Logit model and the intermediary effect model are further used to study the influence path of financial literacy on pension planning behavior.The conclusions of this paper are as follows:(1)the financial literacy level of rural residents in Shandong Province is not high on the whole,and there are large differences among individuals;Pension planning degree is low,the way to protect the old life is relatively simple.(2)In the relationship between financial literacy and pension planning of rural residents in Shandong Province,financial literacy has a significant positive impact on pension planning.(3)Personal disposable income has a significant mediating effect on financial literacy in promoting rural residents’ pension planning behavior in Shandong Province.Based on the above conclusions,from the perspective of the government,financial institutions and residents themselves,this paper puts forward targeted suggestions on improving financial literacy and pension planning,so as to alleviate the pension pressure brought by the aging population and promote the happiness of the elderly rural residents in Shandong Province.