子女同住对养老第三支柱建设的影响研究——基于CFPS 2022数据的实证分析

The Impact of Coresidence with Adult Children on the Development of the Third Pillar of Pension System—Empirical Evidence from CFPS 2022

摘要: 在人口老龄化与多层次养老保障体系改革的背景下，子女同住能否促进养老第三支柱发展，是积极应对老龄化战略的核心议题之一。本文利用中国家庭追踪调查(CFPS) 2022年数据，从金融参与视角探讨子女同住与养老第三支柱建设之间的关联及其作用机制。研究发现：子女同住与老年人持有风险金融资产的概率和金额呈显著负向关联；机制分析提示，子女同住可能通过抑制老年人互联网使用间接降低金融参与，揭示了“数字依赖”替代“数字反哺”的抑制性模式；子女经济支持未能转化为风险金融投资；年龄、教育和收入显著正向影响金融参与，男性参与意愿较低。上述发现表明，数字化背景下鼓励子女同住并不能自动提升老年人金融参与能力，政策应通过社区数字扫盲、适老化金融产品设计与家庭联合金融教育等方式，直接赋能老年群体的自主金融参与能力。

Abstract: Against the backdrop of population aging and the ongoing reform of China’s multi-tiered pension system, whether coresidence with adult children can promote the development of the third pillar of pension system has become a central issue in the strategy of actively responding to population aging. Using data from the China Family Panel Studies (CFPS) 2022, this paper investigates the association between intergenerational coresidence and the construction of the third pension pillar and its underlying mechanisms from the perspective of financial participation. The findings reveal that coresidence with adult children is significantly negatively associated with both the probability and the amount of risky financial asset holdings among older adults. Mediation analyses suggest that coresidence may indirectly reduce financial participation by suppressing internet use among older adults, revealing an inhibitory pattern wherein “digital dependence” substitutes for “digital back-feeding.” Furthermore, financial transfers from children to parents fail to translate into risky financial investment. Age, education, and income are significantly and positively associated with financial participation, while male older adults exhibit lower willingness to participate. These findings suggest that, in the digital era, encouraging coresidence alone cannot automatically enhance older adults’ financial engagement. Policy interventions should directly empower older adults’ autonomous financial participation through community-based digital literacy programs, age-friendly financial product design, and family-based joint financial education initiatives.