The Influence Of Self-efficacy On The Willingness To Participate In Pension Target Fund

China officially entered an aging society in 2000,and the aging population has the highest growth rate in the world.It is expected to enter a deeply aging society by 2025 and a super-aging society by 2035.The aging population will continue to increase.China has initially built a three-pillar pension financial system,and pension target fund has been given high hopes.As a long-range program of China,pension target fund is expected to become the main tool of personal pension plan and wealth management for residents in China.According to years of mature operating experience in developed countries,the landing and development of pension target fund will greatly promote the soundness and improvement of China's multi-level and multi-pillar pension financial system.At present,domestic research on pension target fund is almost blank.Foreign studies mainly focus on product design and strategy from the perspective of fund management institutions,but lack of research on the participation willingness mechanism of target pension fund from the perspective of micro individuals.Therefore,when the pension target fund just landed in China,based on the local data,it is of great theoretical and practical significance to study the impact of pension financial self-efficacy on the willingness of urban residents to participate in the pension target fund from the perspective of psychological variables,and to make up for the lack of domestic research literature on pension target fund.Based on the survey data of 789 urban residents aged 40-60 years old in Wuhan on pension investment,this paper uses Dulebohn and Hira conceptual models of influencing factors of pension investment participation behavior for reference to study the influence of 8 variables of three groups of factors on the participation willingness of pension target fund,including pension financial self-efficacy,ability to recover from losses or to cover losses,behaviors and tendencies.Two methods including proxy variable substitution and model substitution are used to test the robustness of the empirical results.On this basis,this paper conducts sub-sample regression from two aspects,including gender and family role,to discuss the heterogeneity and influence mechanism of pension financial self-efficacy among different groups on participation willingness.The results show that:(1)The pension financial self-efficacy significantly positively affects the participation willingness of pension target fund,that is,the higher the pension financial self-efficacy,the stronger the willingness to participate.(2)The ability to recover from losses or to cover losses significantly positively affects the willingness to participate in pension target fund.Among the variables,the younger the age,the more pension investment ways,the more participation willingness in the investment of pension target fund.(3)Specific behaviors and tendencies will significantly affect the participation willingness of pension target fund.The higher the risk appetite,the stronger the intertemporal tendency of pension investment,the stronger the social trust,the stronger the willingness to participate in the pension target fund.(4)In the field of pension investment,the pension financial self-efficacy of women and non householder group has a greater impact on the participation willingness of the pension target fund,and the response is more intense and direct.Based on the above conclusions and theories,combined with mature foreign experience,this paper mainly develops the self-efficacy in the field of pension investment from the four determinants that affect self-efficacy,and based on the results of heterogeneity analysis,this paper will provide practical and effective policy recommendations for the product design of fund companies and the formulation of national pension financial policies.