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Financial literacy, risk attitude, and consumer retirement planning

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  • Zhuang, Jiqiao
  • Yang, Shuran

Abstract

Based on the China Household Finance Survey data from Southwestern University of Finance and Economics in 2019, 2021, and 2023, this paper delves into the impact of financial literacy on household retirement planning. The findings reveal that financial literacy significantly promotes household retirement planning, and enhancing financial literacy can notably increase the likelihood of households making retirement plans. However, retirement planning has not yet received widespread public attention. Risk attitude plays a moderating role in the relationship between financial literacy and household retirement planning; the stronger the risk aversion, the higher the probability of individuals making retirement plans.

Suggested Citation

  • Zhuang, Jiqiao & Yang, Shuran, 2025. "Financial literacy, risk attitude, and consumer retirement planning," Finance Research Letters, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:finlet:v:84:y:2025:i:c:s1544612325010888
    DOI: 10.1016/j.frl.2025.107830
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    References listed on IDEAS

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