关键词: 教育水平, 养老计划, 风险偏好, 金融素养

Abstract: With the aggravation of the aging problem, the old-age pension plan is playing an increasingly important role in avoiding the risks of old-age pension and ensuring the old people’s life in their old age. This paper makes an empirical analysis of the impact of education level on pension plan by using the data of China Household Finance Survey in 2015. The findings show that the level of education has a significant positive impact on the pension plan, and it is robust. The relationship between education level and pension planning is moderated by risk preference. Compared with risk neutral, risk aversion can reduce the positive impact of education level on pension planning; the level of education can enhance personal financial literacy and promote the formulation of pension plans. Individuals should strive to receive higher education, enhance their financial knowledge and financial literacy, and actively formulate pension plans. On the other hand, the government should provide high-yield and secure financial products, and provide consulting services for residents to purchase insurance and participate in stocks and bonds investments, so as to establish and improve a multi-pillar pension system, including public pension, corporate annuity, and personal savings pension, etc..

Key words: education level, old-age plan, risk preference, financial literacy