年龄越大的人，投资风险偏好却越高？为何养老储备不足的人会选择“铤而走险”？

Core Insights - The 2025 Retirement Preparedness Index for Chinese residents is 5.49 out of 10, showing a slight increase from 5.34 in 2024, but underlying structural issues remain concerning retirement preparedness [3][4] Group 1: Awareness vs. Action - There is a significant gap between awareness and action regarding retirement planning, with "retirement responsibility awareness" and "financial planning awareness" scoring 7.45 and 7.36 respectively, while "retirement plan completeness" and "retirement savings sufficiency" scored only 3.82 and 3.78 [4][6] - Despite improved awareness of the importance of retirement planning, the actual implementation of these plans remains low, indicating a state of "cognitive anxiety" among the population [6][8] Group 2: Income Disparities - Low-income groups face a "want to act but lack funds" dilemma, with those earning below 50,000 yuan having a preparedness index of 5.15, indicating a weak foundation [8][10] - Conversely, middle and high-income groups exhibit a "can act but do not fully act" scenario, with many individuals earning over 200,000 yuan still not achieving a preparedness index of 6, suggesting that economic status is not the sole determinant of retirement readiness [10][12] Group 3: Risk Preferences - An unexpected finding reveals that older individuals tend to have a higher risk tolerance for investments as they age, particularly those over 65 with low retirement preparedness, who show a positive risk preference value of +0.39 [12][15] - This shift in risk preference is not due to increased bravery in investment but rather reflects a "desperate risk compensation" strategy to address insufficient savings as retirement approaches [15][16] Group 4: Demographic Challenges - The proportion of the population aged 65 and above has reached 15.6%, with a dependency ratio of 22.8%, indicating significant pressure on the social security pension system as the second baby boom generation retires in the next decade [16][17] - The report emphasizes that awareness alone is insufficient; immediate action towards retirement savings is crucial to avoid potential financial crises in old age [17]