Financial literacy and retirement preparation in China

Niu, Geng; Zhou, Yang; Gan, Hongwu

doi:10.1016/j.pacfin.2020.101262

Cited by 105 publications

(98 citation statements)

References 34 publications

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“…From the institutional perspective, under the rapid growth of China's floating population, the reform of the household registration system still lags (K. W. Chan & Zhang, 1999). A recent research paper focused only on the financial literacy of Chinese citizens in urban areas and found that barely more than half of the citizens presented a low level of financial literacy (Niu et al, 2020). Another research article explores the differences between the willingness to pay for a farmland retirement project (FRP) of urban and rural residents (Yao et al, 2018); however, it employed a logit model that can hardly explain causal relationships among variables in more profound dimensions.…”

Section: Public Interest Statementmentioning

confidence: 99%

Association between retirement behavior and financial goals: A comparison between urban and rural citizens in China

Ketkaew

Sukitprapanon

Naruetharadhol

2020

Cogent Business & Management

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Section: Public Interest Statementmentioning

confidence: 99%

Association between retirement behavior and financial goals: A comparison between urban and rural citizens in China

Ketkaew

Sukitprapanon

Naruetharadhol

2020

Cogent Business & Management

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“…Numerous modern studies on the financial literacy [12][13][14][15][16][17][18] often aim either at increasing the people's income, or at the ability to use certain financial instruments, or at researching some of the respondents' individual characteristics. Thus, German psychologists [19] note that "... the improvement of the financial literacy improves well-being, and higher education considerably enhances this effect for women..." Chinese researchers [20] pay attention to almost the same thing, but with their characteristic pragmatism: "The growing number of the references that pay the main attention to the developed world studies the effects of financial literacy (or its lack) on the well-being of households". The respondents' individual characteristics are quite peculiarly characterized by American economists [21]: "... a central component of the financial literacy is the ability to count and the emotional attitude to numbers (i.e., the mathematical anxiety).…”

Section: Discussionmentioning

confidence: 99%

Sociological Research on Russian Pupils’ Financial Literacy as an Element of Project Management of Russian Students’ Financial Education

et al. 2020

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One of the differentiating characteristics and the main goal of this study has been to empirically study the financial literacy of modern Russian pupils and to determine their attitude to the problem of financial literacy in their everyday life. In order to solve the above goals, a set of sociological methods has been used, including a mass face-to-face survey of pupils from most regions of the country, a mass face-to-face online survey of students studying at the Financial University under the Government of the Russian Federation, in Moscow departments and departments of the regional branch network, an expert survey in regions of the Russian Federation, a content analysis of key electronic databases, e.g., the Russian State Library, the Library of Dissertations and Abstracts, the eLIBRARY.RU Scientific Electronic Library, a webometric analysis of more than 1,500 official websites of Russian regions on the problems under study, including the Usability and Visibility analysis. The authors have made some unique conclusions. Thus, more than ¾ of the modern youth understand the importance of financial literacy as an instrument to achieve their goals, and the goals demanded by the modern society. The main ones are to obtain education, to create a family, to achieve success in their career and professional growth, to establish their own business, etc. One important conclusion is as follows: the prospects for the use of deposits by today’s pupils, mortgage lending, leasing, and participation in mutual investment funds (MIFs) have a number of fundamental regional differences. Moreover, these regional differences among pupils as potential investors may be demanded by modern commercial financial and credit organizations for preparing promising medium-term development plans for their regional branches.

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“…Many extant studies have shown that financial education has positive effects on consumers' financial behaviors and financial planning. Utilizing the dataset of the China Family Panel Studies, Niu et al [35] examined the level of financial knowledge education and its impact on retirement preparation, and the results indicate that financial knowledge has a strongly positive impact on all aspects of Chinese pension preparation, including determining retirement financial needs, formulating long-term financial plans, as well as purchasing private pension insurance. In particular, in rural areas of China, the pension contribution rate of working-age people is related to compound interest knowledge, and the education of compound interest knowledge positively increases rural pension contributions by about 40% [36].…”

Section: Financial Education and Consumer Financial Planningmentioning

confidence: 99%

Financial Education and Consumer Financial Planning: Evidence from China

Chen

Zhang

2020

SAJSSE

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The purpose of this study is to examine the impacts of financial education on consumer financial planning. Using data from the 2012 Household Consumer Finance in China’s Urban Residents, this study conducts logistic regression to investigate the associations between financial education and consumer financial planning. The results indicate that financial education is positively associated with consumer financial planning. Moreover, the money and time input in financial education has also been proven to have positive effects on consumer financial planning. The findings suggest that the money input in financial education has played a more vital role in improving consumer financial planning than the time input in financial education. The results imply that the improvement of financial education is conducive to improving consumer financial planning. Furthermore, the results also have implications for policymakers to take measures in enhancing financial support for consumer financial education.

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Financial literacy and retirement preparation in China

Cited by 105 publications

References 34 publications

Association between retirement behavior and financial goals: A comparison between urban and rural citizens in China

Association between retirement behavior and financial goals: A comparison between urban and rural citizens in China

Sociological Research on Russian Pupils’ Financial Literacy as an Element of Project Management of Russian Students’ Financial Education

Financial Education and Consumer Financial Planning: Evidence from China

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