How does money matter most? Examining the association between financial pension security and life satisfaction

With the intensification of population aging, the role of financial pension security in the pension system has become increasingly prominent, and its impact on residents' life satisfaction has become a focal point of societal concern. This paper, based on data from the Comprehensive Social Conditions Survey (CSS) conducted by the Institute of Sociology of the Chinese Academy of Social Sciences in 2015, 2017 and 2019 thoroughly investigates the influence of financial pension security on residents' life satisfaction. The research findings indicate that financial pension security significantly enhances residents' life satisfaction, and this effect remains consistent regardless of marital statuses or level of internet usage. Further analysis of moderating effects reveals that financial literacy plays a positive moderating role between financial pension security and residents' life satisfaction, with this effect being more pronounced in eastern and western regions, while not being significant in the central region. Additionally, residents with higher risk preferences show a more pronounced enhancement of life satisfaction through financial pension security. This study provides empirical support for deeply revealing the relationship between financial pension security and residents' life satisfaction, holding important theoretical and practical value for optimizing pension security policies and enhancing overall resident well-being.