{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,1]],"date-time":"2026-05-01T07:32:33Z","timestamp":1777620753728,"version":"3.51.4"},"reference-count":75,"publisher":"Emerald","issue":"10","license":[{"start":{"date-parts":[[2022,6,3]],"date-time":"2022-06-03T00:00:00Z","timestamp":1654214400000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["K"],"published-print":{"date-parts":[[2023,11,1]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>China's New Rural Pension Program (NRPP) has been implemented for a decade, but the factors that facilitate rural residents' participation have received little attention. This study aims to investigate whether financial literacy has an influence on rural residents' behavior of participation in the NRPP. In particular, this study further verifies if high financial literacy is important and whether financial education can enhance the impact of financial literacy on current, long-term and dynamic pension decisions of rural households.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>This study investigates the impact of financial literacy on rural residents' participation in China's NRPP using the China Household Financial Survey (CHFS) Data of 2015 and 2017. This study constructs an analytical framework for current, long-term and dynamic impacts and comprehensively analyzes the value of financial literacy in the decision making of the NRPP. This study uses the instrumental variable method to solve the possible endogeneity problem. In addition, the authors also demonstrate the positive role of high financial literacy in household pension decisions. Further analysis reveals gender and regional heterogeneity in the impact of financial literacy on pension decisions. The moderating effect model explores whether financial education has a significant moderating effect on financial literacy and pension decision making of the NRPP.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>Financial literacy can improve the participation behavior of households in rural areas (dynamic effect) and promote their current and long-term participation in the NRPP, choosing a higher pension contribution level in the NRPP. However, financial literacy has no significant effect on the change in the contribution amount of the NRPP. Further research finds that high financial literacy has comparative advantages in household pension decision making in rural areas. There are gender and regional differences in the impact of financial literacy on pension decisions. In addition, effective financial literacy education enhances the current, long-term and dynamic impacts of residents' financial literacy on NRPP participation and pension contributions.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>This study comprehensively considers the impact of financial literacy on pension decision making behavior from three aspects: current, long-term and dynamic, making up for the dearth in the existing literature that only focuses on the impact of financial literacy on current financial behaviors and bridging the gap between the theoretical framework and experimental results. Our study proposes new policy implications: (1) Governments and financial institutions should pay attention to financial literacy and education levels in rural areas and carry out financial education and training programs to increase social welfare levels by increasing rural residents' participation and pension contribution. (2) The community can strengthen the policy advocacy of the NRPP and make people develop a stronger sense of trust toward it. The government can also subsidize individual accounts through financial support.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>This study comprehensively considers the impact of financial literacy on pension decision-making behavior from three aspects: current, long-term and dynamic, making up for the dearth in the existing literature that only focuses on the impact of financial literacy on current financial behaviors and bridging the gap between the theoretical framework and experimental results. Our study proposes new policy implications: (1) Governments and financial institutions should pay attention to financial literacy and education levels in rural areas and carry out financial education and training programs to increase social welfare levels by increasing rural residents' participation and pension contribution. (2) The community can strengthen the policy advocacy of the NRPP and make people develop a stronger sense of trust toward it. The government can also subsidize individual accounts through financial support.<\/jats:p><\/jats:sec>","DOI":"10.1108\/k-03-2022-0321","type":"journal-article","created":{"date-parts":[[2022,6,3]],"date-time":"2022-06-03T09:40:52Z","timestamp":1654249252000},"page":"4611-4644","source":"Crossref","is-referenced-by-count":11,"title":["Effect of household's financial literacy on pension decision making: evidence from China's new rural pension program"],"prefix":"10.1108","volume":"52","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-1018-3213","authenticated-orcid":false,"given":"Shulin","family":"Xu","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7849-2904","authenticated-orcid":false,"given":"Syed Tauseef","family":"Ali","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1223-0415","authenticated-orcid":false,"given":"Zhen","family":"Yang","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0795-4766","authenticated-orcid":false,"given":"Yunfeng","family":"Li","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2022,6,3]]},"reference":[{"issue":"2","key":"key2024091916091355400_ref001","doi-asserted-by":"crossref","first-page":"57","DOI":"10.1207\/s15427579jpfm0602_2","article-title":"Asset\u00a0allocation and information overload: the influence of information display, asset choice, and investor experience","volume":"6","year":"2005","journal-title":"Journal of Behavioral Finance"},{"key":"key2024091916091355400_ref002","doi-asserted-by":"crossref","first-page":"308","DOI":"10.1016\/j.euroecorev.2013.04.009","article-title":"Pension wealth and household savings in Europe: evidence from sharelife","volume":"63","year":"2013","journal-title":"European Economic Review"},{"issue":"5","key":"key2024091916091355400_ref003","doi-asserted-by":"crossref","first-page":"1499","DOI":"10.1257\/000282803322655419","article-title":"Pension wealth and household saving: evidence from pension reforms in the United Kingdom","volume":"93","year":"2003","journal-title":"American Economic Review"},{"key":"key2024091916091355400_ref004","doi-asserted-by":"crossref","first-page":"71","DOI":"10.1016\/j.jeoa.2017.01.004","article-title":"The macroeconomic and welfare implications of rural health insurance and pension reforms in China","volume":"11","year":"2018","journal-title":"The Journal of the Economics of Ageing"},{"issue":"1","key":"key2024091916091355400_ref005","first-page":"1","article-title":"Gender differences in defined contribution pension decisions","volume":"8","year":"1999","journal-title":"Financial Services Review"},{"issue":"901","key":"key2024091916091355400_ref006","first-page":"268","article-title":"Properties of sufficiency and statistical tests","volume":"160","year":"1937","journal-title":"Mathematical and Physical Sciences"},{"issue":"3","key":"key2024091916091355400_ref007","doi-asserted-by":"crossref","first-page":"300","DOI":"10.1257\/aer.102.3.300","article-title":"How financial literacy affects household wealth accumulation","volume":"102","year":"2012","journal-title":"American Economic Review"},{"issue":"1","key":"key2024091916091355400_ref008","doi-asserted-by":"crossref","first-page":"88","DOI":"10.1111\/ijcs.12646","article-title":"Consumer financial literacy and the efficiency of mortgage-related decisions: new evidence from the panel study of income dynamics","volume":"46","year":"2022","journal-title":"International Journal of Consumer Studies"},{"key":"key2024091916091355400_ref009","doi-asserted-by":"publisher","first-page":"145","DOI":"10.7208\/9780226062914","article-title":"Defined benefit versus defined contribution pension plans: what are the real trade-offs","volume":"139","year":"1988","journal-title":"Pensions in the US Economy"},{"key":"key2024091916091355400_ref010","doi-asserted-by":"publisher","first-page":"101831","DOI":"10.1016\/j.jcorpfin.2020.101831","article-title":"Stereotypes in financial literacy: evidence from PISA","volume":"71","year":"2021","journal-title":"Journal of Corporate Finance"},{"key":"key2024091916091355400_ref011","first-page":"28723","article-title":"Fearless woman: financial literacy and stock market participation","year":"2021","journal-title":"National Bureau of Economic Research Working Paper"},{"issue":"5","key":"key2024091916091355400_ref012","doi-asserted-by":"crossref","first-page":"843","DOI":"10.1016\/j.jedc.2005.03.009","article-title":"Stochastic lifestyling: optimal dynamic asset\u00a0allocation for defined contribution pension plans","volume":"30","year":"2006","journal-title":"Journal of Economic Dynamics and Control"},{"issue":"7-8","key":"key2024091916091355400_ref013","doi-asserted-by":"crossref","first-page":"1307","DOI":"10.1016\/S0047-2727(02)00223-2","article-title":"Do changes in pension incentives affect retirement? 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