Practical Dilemmas And Coping Strategies Of Rural Elderly Service Finance

The basic national condition of the country for a long time to come is the ageing of the population,the impact of which on the economy cannot be ignored.The trend towards ageing will mainly affect the labour force and the consumer population and will have a corresponding impact in the areas of consumption,investment and savings.And it will have a negative impact on longterm economic development.With the acceleration of population ageing,the demand for financial services faces new challenges and requirements.Therefore,actively promoting the development of retirement finance has become an indispensable option to promote healthy and sustainable economic development.In particular,the vast rural areas of China are facing serious challenges in their old age,and how to provide support for old age services in rural areas through financial means has become an urgent issue and challenge for the development of old age finance in China.With the continuous growth of pension finance,its meaning has been extended to all financial activities that focus on meeting the needs of the elderly in their old age,mainly including three aspects: pension finance with the pension system as the core,pension service finance with pension service financial products as the core,and pension industry finance with pension industry investment and financing as the core.Among them,elderly service finance,as an important part of elderly services,has an irreplaceable role.Senior care service finance can provide a variety of financial products and services,including senior care insurance,senior care savings and senior care loans,to meet the diversified needs of the elderly for senior care services.In addition,elderly services finance can also help promote the development of the elderly services industry,promote the specialisation,intelligence and digitalisation of elderly services,and provide better services for the elderly.Therefore,the development of elderly services finance has become an important task for the present and future,and has an indispensable role in promoting economic and social development and meeting the diversified needs of the elderly.This paper takes rural elderly service finance as the main research object.At present,the development of elderly service finance in China has made a few of achievements,but it is still in the primary stage and cannot adapt to the development status of the aging trend,which makes it insufficient economic support,making it difficult to truly promote economic development.The problems in the development of financial services for the elderly show an imbalance between supply and demand.The main problems on the supply side are:firstly,the limited supply of financial products for the elderly and the lack of market segmentation;secondly,the lack of attention paid by financial institutions to the rural market;thirdly,there is a lack of service personnel and a low level of professionalism;fourthly,there is a risk of fraud in elderly service finance and financial regulation is not yet mature.The problems on the demand side mainly include:firstly,rural residents’ lack of awareness of retirement and limited knowledge reserve;secondly,rural residents’ conservative investment preference;and thirdly,rural residents’ insufficient investment amount and limited risk tolerance ability.The problems developed on both the supply and demand sides have jointly caused the current dilemma in the development of rural elderly service finance in China.Based on this,this study adopts life cycle theory,Maslow’s hierarchy of needs theory,consumption-savings theory,and carries out research through binary logistic regression analysis.Firstly,the current development of rural retirement financial products and their shortcomings are studied and analysed in several dimensions,and a corresponding model is established based on the needs.The research is based on a multi-level and multi-dimensional empirical analysis of the variables that affect the development of financial services for the elderly in rural areas,and finally,we have come up with the following strategies: Firstly,the government should strengthen its support by strengthening market supervision and cultivating rural residents’ awareness of financial retirement,so as to ensure their personal retirement ability.Secondly,the government should explore the demand for elderly care,innovate financial products,improve the level of elderly care financial services and actively promote the training of professional service personnel.Thirdly,it should improve laws and regulations,and provide assistance for the implementation of specific business development of financial services for the elderly through measures such as improving the regulations of the elderly services financial industry and strengthening the legal protection of the elderly financial service targets.