Financial Strain and Attitude Toward Retirement Among Aging Chinese Adults: The Influence of Family

• Published date: 01 December 2020
• Author: Xue Bai,Chang Liu
• Date: 01 December 2020
• DOI: http://doi.org/10.1111/fare.12467

X B  C LDepartment of Applied Social Sciences The Hong Kong Polytechnic

University Hong Kong China

Financial Strain and Attitude Toward Retirement

Among Aging Chinese Adults: The Inuence of

Family

Objective: This study examined the inuences

of intergenerational relations and marriage on

the relationship between nancial strain and

attitude toward retirement among aging adults

in Hong Kong.

Background: Financial strain is a source

of worry among many older adults in Hong

Kong. A considerable percentage of retirees

and pre-retirees have negative attitudes toward

retirement.

Method: Representative survey data were col-

lected from 767 participants (335 men and

432 women) with 294 participants aged 50 to

64 years; 473, aged 65years or older).

Results: Financial strain was negatively asso-

ciated with attitude toward retirement both

directly and indirectly through intergenera-

tional relationship quality. Cohort differences

were identied as affectual closeness and

intergenerational conict (two subdomains of

intergenerational relationship quality) partially

mediated the relationship between nancial

strain and attitude toward retirement for the

younger cohort aged50 to 64 years,whereas for

adults aged ≥65 years, onlyaffectualcloseness

Department of Applied Social Sciences, GH338, The Hong

Kong Polytechnic University, Hung Hom, Kowloon, Hong

Kong (kris.liu@polyu.edu.hk).

KeyWords: attitude towardretirement, Chinese aging adults,

intergenerational relationships, marriage, poverty, subjec-

tive well-being.

was a signicant partial mediator. Marriage

only acted as a moderator for the younger

cohort.

Conclusion: The mediating effect of intergen-

erational relationship quality and moderating

effect of marriage were identied, as well as

cohort differences.

Implications: Tailored programs and policies

should be developed for different age groups to

enhance intergenerational relations and retire-

ment preparation.

Despite the decreasing poverty rates among

people younger than 65years of age in Hong

Kong, the poverty rate among older adults

(65 years or older) is increasing (Government of

the Hong Kong Special Administrative Region,

2016). Although Hong Kong is one of the rich-

est cities in the world, approximately one third

of its older adults live below the poverty line,

dened as 50% of the median income in Hong

Kong (Bai,2019; Government of the Hong

Kong Special Administrative Region,2013).

The percentage of adults aged 65 years and

over is predicted to reach 30% by 2040, and

increasing longevity will inevitably prolong

retirement periods (Census and Statistics

Department, 2015).However,existingsocial

security and retirement protection measures in

Hong Kong provide inadequate coverage and

protection for older adults and are character-

ized by the lack of a comprehensive public

Family Relations 69 (December 2020): 907–920907

DOI:10.1111/fare.12467