IDEAS home Printed from https://ideas.repec.org/a/taf/rjapxx/v27y2022i4p660-681.html
   My bibliography  Save this article

Financial literacy and asset allocation among retired residents: evidence from China

Author

Listed:
  • Ying-Qi Yu

Abstract

Using microdata from China Family Panel Studies (CFPS), this article studies the financial literacy of retired Chinese residents and their asset allocation. This study found that despite numerous related economic decisions made over their lifetimes, the financial literacy of retired Chinese residents is still at a very low level. No matter whether in urban or rural, a large proportion of retired residents are financially illiterate. At the same time, the financial literacy level has a significant impact on the asset allocation of retired residents, and retired residents with low financial literacy levels have a low degree of diversification in asset allocation. Considering that China’s average life expectancy has reached 77 years, retired residents will face various financial decisions for a long time to come, relevant policies should be devoted to improving the financial literacy of retired residents, which will help improve their economic and financial safety and enhance their financial welfare.

Suggested Citation

  • Ying-Qi Yu, 2022. "Financial literacy and asset allocation among retired residents: evidence from China," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 27(4), pages 660-681, October.
    • Handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:660-681
    DOI: 10.1080/13547860.2020.1849938
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/13547860.2020.1849938
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/13547860.2020.1849938?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yang, Cheng & Wang, Jie & Liu, Xiaoyu, 2024. "What affects the financial asset allocation of the elderly? From the perspective of financial literacy and risk attitude," Finance Research Letters, Elsevier, vol. 63(C).
    2. Xie, Qian & Ke, Haie & Peng, Juan, 2024. "Impacts of Financial Literacy on Elderly Households’ Consumption," Finance Research Letters, Elsevier, vol. 62(PA).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:rjapxx:v:27:y:2022:i:4:p:660-681. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rjap .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.