From The Art of Live via Danwei.org:
Dr. Phil, you’re fired….we’re calling an accountant. According to a recent interview in Southern Weekly, newly available financial planning tools are changing the way Chinese parents love their children.
Chen Zhiwu”a finance professor at Yale”says the availability of retirement plans means parents no longer depend on their children to provide for them in old age, and are becoming more sentimental as a result. When parents stop viewing their children as social security, as a form of investment, they don’t have to worry so much….After these parents buy insurance, retirement plans, etc, they don’t need to rely on their children economically, and can focus their relationship on emotional communication. [Full Text]
See also: The interview with Pro. Chenzhiwu via Southern Weekend. (In Chinese)