Chinese Migrant Workers' Financial Security in Old Age-A Cultural Shift From Reliance on Filial Piety to Public Pension.

Abstract

Migrant workers' retirement in rural China need not mean that they are financially ready for retirement. This study examines which factors influence migrant workers' public pension savings. Using a mixed-methods approach comprising surveys and interviews with Chinese migrant workers from three emigration provinces (Anhui, Henan, and Sichuan), we find that migrant workers with more social support and less spending on children are more likely to have public pension savings than their counterparts. We also observe an age cohort effect for spending on children: The younger cohorts of migrant workers in their 40s and 50s are more likely to spend their savings on children than save for retirement. In the dual process of urbanization and population aging, the emergence of retirement in rural China is reshaping the intergenerational relations such that the culture of filial piety is no longer the sole foundation of old-age financial security.