Rely on whom you trust? Trust and financial planning for retirement

Qianqian Yang, Zihan Ye, Haizhen Zhou and Weiqiao Mo

Finance Research Letters, 2024, vol. 69, issue PA

Abstract: We study the role of trust in shaping financial planning for retirement under a three-pillar pension system. Using data from two waves of the China Retirement Readiness Index Survey and multiple measures of trust in various entities, we find that trust in government, employers, and financial institutions increases the probability of developing a financial plan involving government, employer, and self-provision, respectively, as well as the estimated proportions of retirement income derived from each source. Our study deepens the understanding of how specific trust affects planning practices in the context of multiple retirement income sources and a culture featuring filial piety.

Keywords: Financial planning for retirement; Trust; Old-age provision (search for similar items in EconPapers)
JEL-codes: D14 D91 J32 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:69:y:2024:i:pa:s1544612324011711

DOI: 10.1016/j.frl.2024.106142

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