讲座信息｜经济系与人的发展经济学研究中心联合讲座：信息如何影响居民退休储蓄——中国个人养老金账户的实验研究

【时 间】2026年4月22日（星期三），上午10:00-11:30

【地 点】后主楼1610

【主讲人】娄汉林博士，新南威尔士大学商学院经济系

【主持人】徐慧副教授，北京师范大学、人的发展经济学研究中心

Abstract: 

Standard life-cycle models assume that individuals possess sufficient information to assess the long-term financial consequences of retirement saving. In practice, however, information frictions may hinder pension participation and voluntary contributions. This paper studies how different types of financial consequence information affect individuals’ interest in a new defined contribution pension product in China, the Private Pension Account (PPA). We conducted an online experimental survey in August 2025 with a sample of 1,540 individuals aged 25 to 45 who were enrolled in the Basic Pension Insurance and earned at least RMB 120,000 per year. Participants were randomly assigned to a control group or to one of four information treatments providing personalized information on tax incentives, projected investment returns, aggregate retirement benefits, or a comparison between retirement saving and mortgage prepayment. We compare individuals’ stated interest in the PPA across groups. We find that information interventions highlighting long-term financial consequences significantly increase interest in the PPA. Treatments presenting return projections, aggregate benefit information, or mortgage-related comparisons raise the likelihood of strong interest, while information on tax incentives alone has a limited average effect, but matters for specific subgroups with higher tax exposure. We document substantial heterogeneity in treatment effects by financial literacy, age, residential location, and prior engagement with the PPA. Our findings contribute to the behavioral and public economics literature by providing early experimental evidence from an emerging defined contribution pension system and offer insights into how personalized information and financial literacy interact to shape retirement saving decisions.

摘要：

生命周期模型假定人们掌握了充分的信息来评估退休储蓄的长期财务影响。然而，在现实中，信息摩擦可能会阻碍养老金参与和自愿缴费行为。本文研究不同类型的财务后果信息如何影响人们对中国新推出的缴费确定型养老金产品（个人养老金账户）的兴趣。我们于2025年8月对1,540名年龄在25至45岁之间、已参加基本养老保险且年收入不少于12万元人民币的中国居民开展了一项在线实验调查。参与者被随机分配至一个对照组或四个信息干预组中的一组，并分别获得关于税收激励、投资收益预测、退休总收益信息，以及退休储蓄与提前偿还房贷比较的个性化信息。我们通过比较不同组别的参与者对使用个人养老金账户的主观兴趣发现，强调长期财务后果的信息干预显著提高了人们对个人养老金账户的兴趣。提供收益预测、总收益信息或与房贷比较的信息，会显著提高人们表达“高度兴趣”的概率；单纯提供税收激励信息的平均效应较为有限，但对税负较高的特定群体具有显著影响。我们还发现，信息干预的影响在金融素养、年龄、居住地区以及既有个人养老金账户参与情况等方面存在显著异质性。本文为新兴缴费确定型养老金体系提供了早期实验性证据，丰富了行为经济学与公共经济学关于信息干预的研究，并揭示了个性化信息与金融素养如何交互影响退休储蓄决策。