The Effect Of Family Population Structure On The Demand Of China's Commercial Endowment Insurance

The model of China's pension system is a three-pillar model with universality in the world: social basic pension insurance,enterprise annuity,and commercial pension.At present,China's pension accounts are in an unbalanced state of income and expenditure,and the cost of living is increasing day by day.It is difficult to fully meet the needs of old-age life by relying solely on basic social pension insurance.Whether to pay the enterprise annuity is determined by the enterprise rather than the state or individual,that is,the individual cannot actively choose whether to buy the enterprise annuity.In such an environment,the importance of commercial pension insurance as the third pillar of the pension system is becoming increasingly prominent.In terms of population structure,the gradually relaxed family planning policy has not achieved the goal of increasing the fertility rate of the population: in the past 10 years,the birth rate of China has been stable at 12‰,and the birth rate in 2016 was only 12.95‰.On the other hand,China entered an aging society in 2001,and the elderly population continued to climb in the following decade and reached 10.85% in 2016.For each resident,the pension risks faced by residents with different family demographics are different.The ability to resist the risk of pension is also different.The degree of perception of pension risk and the ability to pay premiums are different.As a result,the demand for commercial endowment insurance is inevitably different.Therefore,from the microscopic point of view,this paper explores the impact of different family demographics on the demand for commercial endowment insurance.This paper firstly combs the relevant literature at home and abroad through the two aspects of the impact of population structure on life insurance demand and the factors affecting commercial pension insurance demand.Secondly,this paper analyzes the changes of family structure and the status of commercial endowment insurance in China in recent years.Then this paper theoretically analyzes the impact of family demographics on commercial pension insurance demand.Finally,based on the 2015 China General Social Survey(CGSS)data,the logit regression model was used to study the relationship between family demographics and commercial pension insurance needs.The results show that,from a holistic perspective,the proportion of elderly people aged 65 and over has a significant positive impact on the demand for commercial pension insurance.The total number of family members has a significant negative impact on the demand for commercial pension insurance,but the proportion of children aged 14 and under does not have a significant impact to the demand.In urban and rural areas,the total family population only has a significant negative impact on the demand for commercial pension insurance for family living in rural areas.The proportion of children aged 14 and below and the proportion of the elderly aged 65 and under are only have a significant impact for commercial pension insurance for family living in the city,and the impact is positive.For families with different income levels,the proportion of the elderly population aged 65 and over and the total family population only have a significant impact in the middle-income households,and the impact of the elderly population is positive,the total number of households is negative,while the proportion of children aged 14 and under is only positively affected by the demand for commercial pension insurance in high-income households,that is,if the households are with low income levels,the impact of family demographics on the demand for commercial pension insurance is not significant.The innovation of this article has two aspects.First,in the existing research on the demand for commercial pension insurance,most of them are analyzed from the perspective of economic factors,and this paper will analyze the residents' demand for commercial pension insurance from the perspective of population structure,and will combine the theory of behavioral economics to analyze whether the current high dependency rate affects the demand for commercial endowment insurance for middle-aged people.Second,in the sample selection,most of the articles on the research of commercial endowment insurance demand from the perspective of population using macroscopic provincial panel data,and this paper will use the micro data of China's comprehensive social survey,according to the results of each questionnaire,to calculating the family structure of respondents and studying the needs of family pension structure for commercial pension insurance from the micro perspective of family population structure has new research significance.