Factors associated with financial support in old age for young and middle-aged rural residents in China

Abstract

This study examined the factors associated with financial support in old age from three primary mechanisms – personal savings, family support, and social insurance – to explore the implications for the future development of China’s rural social welfare system. Cross-sectional surveys of 1392 young and middle-aged rural residents were conducted in July and August 2012. The results showed that while social insurance was increasingly acceptable, personal savings and family support still had fundamental value. Combining the three mechanisms, the rural old-age welfare system presented nontraditional features. China’s new rural endowment insurance is discussed as a means to address the need for financial support among the rural aging population.