Research On The Impact Of Commercial Insurance On Family Preventive Savings

In recent years,the problem of excessive savings and insufficient consumption in China has restricted the economy's healthy development.As an important pillar of the social security system,commercial insurance can effectively reduce residents' uncertainty about the future and release the consumption of households in education,housing,etc.,thereby affecting the household precautionary savings.Therefore,studying the role of commercial insurance in residents' consumption and savings decisions is of great significance for stimulating the consumption of our residents,promoting the development of commercial insurance,and ensuring the healthy development of the economy.Based on the existing research literature,this article delves into the impact of commercial insurance on the precautionary savings of households.First of all,it analyzes and combs the current situation of commercial insurance and household consumption and savings.On this basis,it makes a theoretical analysis of commercial insurance affecting household precautionary savings and proposes research hypotheses.Then,the panel data of the 2014 and 2016 China Family Tracking Survey(CFPS)was used as a sample to build a panel Tobit model to empirically study the impact of commercial insurance on household precautionary savings.On the basic of the total sample analysis,the article further conducted a detailed study differentiated different income levels,different urban and rural residential areas of different families and different regions;Finally,the influence mechanism of commercial insurance on family preventive savings is analyzed by means of mediating effect test.The study found that the increase in commercial insurance spending can reduce family preventive savings.The increase in family per capita income and the receipt of retirement or pensions will also reduce the level of residents' family preventive savings.The lower the per capita income level of insured families is,the stronger the crowding-out effect of precautionary savings is;for urban households,the increase in commercial insurance spending leads to a reduction in the effect of household preventive savings,which is not as significant as that of rural households;commercial insurance preventive savings for households in eastern,central,and western China all have inhibitory effects,the most significant effect on families in the eastern region.The results of studies using the intermediary effect method to examine the effect of commercial insurance on household preventive savings show that: commercial insurance has a significant positive impact on education expenditure,and education expenditure has a significant negative impact on household preventive savings,namely the negative impact of commercial insurance on family precautionary savings is partly realized through education expenditure;commercial insurance has an intermediary effect on housing expenditure in the process of affecting household precautionary savings.