Research On The Impact Of Financial Literacy On The Participation Rate Of Commercial Pension Insurance

This paper adopts the data of the 2013 China Household Finance Survey,involving 28 provinces,and uses the spatial tobit model to study the impact of financial literacy level on the purchase intention of commercial pension insurance.It is found that the per capita financial literacy level has a negative impact on the purchase participation rate of commercial endowment insurance.That is to say,the lower the per capita financial literacy level in the region,the higher the participation rate of households in commercial endowment insurance,the easier the willingness to purchase commercial endowment insurance;when the financial literacy level is higher than the average level,the financial literacy level is improved to purchase commercial pension.The promotion of insurance has begun to slow down,and have a negative impact.The family has a wider range of investment and financial management methods to replace commercial pension insurance as an option for pensions and investment methods.The purchase rate of commercial endowment insurance in the country is relatively low.On the one hand,the family generally trusts the government pension insurance.On the other hand,the family who purchases the commercial pension insurance trusts the commercial pension insurance more than the family who does not purchase the commercial pension insurance.There is a clear difference in trust,which is related to the family's understanding of commercial pension insurance and the lack of supply of commercial pension insurance products.This is also in line with the survey of pension methods in this paper.Nearly half of the survey families choose to save and invest.And social pension insurance,while only 5% of survey families chose commercial pension insurance.Most of the households that purchase commercial pension insurance on the distribution are concentrated in the east and west.The eastern region has the highest purchase rate,followed by the western region,and the central region has depressions with the lowest purchase rate.Secondly,this paper finds that among the influencing factors affecting the purchase intention of commercial pension insurance,whether the gender of the head of household,whether it is a city/county account,whether it is in rural areas,whether or not it has its own housing factor has no significant impact on the purchase intention of commercial pension insurance.Different family size is inversely related to the purchase intention of commercial pension insurance.The increase of family population will weaken the willingness of families to purchase commercial pension insurance;married families have lower purchases of commercial pension insurance than other families with marital status.Willingness;households with agricultural hukou have stronger commercial pension insurance purchases than non-agricultural households;households with self-use cars are more willing to purchase commercial pension insurance than households without self-use cars;cultural level,happiness,household disposable income and the economic development of the provinces have a positive impact on the purchase intention of commercial pension insurance.Among them,when the family culture level rises to the doctoral degree,the willingness to purchase commercial pension insurance is lower than that of the graduate students.In addition,after adding geospatial weights to the model,this paper finds that financial literacy level,family size,education level,and household disposable income factors have positive spatial spillover effects,and its indirect impact on commercial pension insurance purchase intention is significant.