Impact of financial literacy and awareness of children's pension responsibilities on the willingness to purchase pension insurance: Evidence based on survey data (CLASS)

Baohua Han, Chao Liu and Wenhao Ling

Finance Research Letters, 2025, vol. 76, issue C

Abstract: Using survey data from the China Longitudinal Aging Social Survey (CLASS) of 2018 and 2020, this study analyzes the relationship between financial literacy, children's awareness of pension responsibilities, and the willingness to purchase pension insurance. Results indicate that financial literacy increases the willingness of the elderly population to purchase pension insurance. The awareness of pension responsibilities among children can positively moderate this relationship. However, this moderating effect exhibits heterogeneity across families with different numbers of children. Furthermore, the promoting effect of financial literacy is significant in individuals who self-assess as unhealthy, but it is not significant among those who self-assess as healthy.

Keywords: Financial literacy; Awareness of pension responsibilities; Willingness to purchase pension insurance; Number of children; Self-assessment; Longitudinal aging social survey; Endowment insurance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:76:y:2025:i:c:s154461232500279x

DOI: 10.1016/j.frl.2025.107015

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