Pension system reform, financial security, and the well-being of the elderly population: An analysis based on CSS data

Chunlong Xia, Yujuan He, Yuanyuan Heng, Kabwon Kang, Huiya Shenchen, Yuesui Hao and Zhaojun Meng

International Review of Economics & Finance, 2025, vol. 101, issue C

Abstract: With the intensification of population aging, the improvement of the pension security system has become a focal point of societal attention. This study, based on data from the Chinese Social Survey (CSS), selects data from the survey years 2013, 2015, 2017, 2019, 2021, and 2023 to analyze the relationship between pension system reform, financial security, and the well-being of the elderly population. The study finds that pension system reform significantly enhances the well-being of the elderly, but this effect exhibits notable differences between urban and rural areas, as well as between men and women. Specifically, the reform has a more pronounced impact on the well-being of urban elderly populations, while its influence on rural elderly populations is relatively weaker. Furthermore, financial security plays a partial mediating role in the relationship between pension system reform and the well-being of the elderly, with significant variations in this mediating effect across elderly groups with different levels of financial literacy. Further analysis indicates that risk preference negatively moderates the relationship between pension system reform and financial security, implying that a higher risk preference weakens the reform's positive effect on financial security.

Keywords: Pension system reform; Financial security; Well-being of the elderly population; Risk preference (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:101:y:2025:i:c:s1059056025004046

DOI: 10.1016/j.iref.2025.104241

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