The constraining impact mechanism of financial cognitive ability on the effective demand for housing reverse mortgages in China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-08-20 DOI:10.1016/j.irfa.2024.103531

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Abstract

In the context of rapidly aging populations, Housing Reverse Mortgages (HRMs) offer a valuable supplement to the multi-tiered pension insurance system and can effectively ease the burden on pension financing. However, a widespread lack of financial cognitive ability among elderly residents often leads to cognitive biases towards the operating principles and potential benefits of HRMs, creating “insufficient effective demand” in China's HRM market. This study empirically examines how limited financial cognitive ability constrains the demand willingness to use HRM services. The findings reveal: (1) Elderly residents with higher financial cognitive ability are better able to understand and objectively evaluate the operating principles and potential value of HRMs, thus displaying a stronger willingness to utilize these services. (2) Bequest motivations and risk preferences are significant mediators through which financial cognitive abilities influence HRM demand willingness. (3) Financial education and increased social interaction among elderly residents substantially reduce the negative impact of limited financial cognitive ability on their demand willingness for HRMs.

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金融认知能力对中国住房反向抵押有效需求的制约影响机制

在人口快速老龄化的背景下，住房反向抵押贷款（HRMs）为多层次的养老保险体系提供了宝贵的补充，能够有效减轻养老金筹资负担。然而，由于老年居民普遍缺乏金融认知能力，往往会对住房反向抵押贷款的操作原理和潜在收益产生认知偏差，造成我国住房反向抵押贷款市场 "有效需求不足"。本研究通过实证研究，探讨了有限的金融认知能力如何制约了使用人力资源管理服务的需求意愿。研究结果表明：（1）财务认知能力较高的老年居民能够更好地理解和客观评价人力资源管理服务的运作原理和潜在价值，从而表现出更强的使用意愿。(2）遗赠动机和风险偏好是金融认知能力影响人力资源管理需求意愿的重要中介。(3）金融教育和增加老年居民的社会交往大大减少了有限的金融认知能力对其人力资源管理需求意愿的负面影响。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.