Too old to plan? Age identity and financial planning among the older population of China
研究中国60岁以上人群的年龄认同（感觉比实际年龄年轻的程度）如何影响财务规划行为，发现感觉更年轻的人更可能做财务规划，且这种效应受社会老龄化文化感知调节。
We study how age identity (measured by the difference between chronological age and perceived old age), influences financial planning among the older population (60+) in China. Using data from three waves of the China Longitudinal Aging Social Survey, we show that individuals who feel younger have a significantly higher probability of making financial plans. That such an effect exists in sub-samples divided by age and retirement status implies the relevance of financial planning even for individuals with advanced ages. It is consistent with the hypothesis that old individuals who feel younger have higher perceived cognitive abilities and hence higher motivation to make financial plans. However, an unfavorable perception of social aging culture moderates such a positive effect. Age identity can further impact the downstream economic behaviors of saving and investing, either directly or indirectly, through financial planning. Finally, a younger age identity also increases an individual's willingness to internalize the responsibility of eldercare. Our findings imply that it is important to consider individuals' age identity when crafting and implementing old-age policies.