Research On The Impact Of Cognitive Ability On Life Insurance Demand Of Middle-aged And Elderly Families

In recent years,my country has gradually entered an age of aging,and the proportion of the elderly population has continued to increase.According to the seventh data of the National Bureau of Statistics in 2019,the population aged over 60 in my country accounted for 18.1% of the total population,an increase of 4.39 million from2018.However,the ratio of social insurance fund income to expenditure in the past five years has shown a gradual increase.Decline,it is lower than 1.1 times for the first time in2019,and the replacement rate of basic pension insurance has fallen below 50%.In the future,the different development of the number of people who need to provide pension fund support in our country and the pension fund pool will gradually show the pressure of mutual support between society and families.Among the factors that affect the life insurance needs of residents or families,in addition to the family economic status and demographic structure that have been widely studied,the financial literacy and cognitive ability of family members and other internal human capital endowments may also have an impact on family life insurance decisions.As the age grows,the cognitive ability of middle-aged and elderly people will be significantly attenuated,which will further affect risk perception and produce deviations in insurance,thereby reducing the probability of subsequent new or supplementary participation in life insurance.Studying the impact of cognitive ability on the life insurance demand of middle-aged and elderly families will help to further explore the influencing factors of life insurance demand of middle-aged and elderly families,analyze the causes of insufficient family life insurance demand in my country,and promote the development of the life insurance industry to cope with the severe population aging problem.The main problem studied in this paper is the impact of cognitive ability on the life insurance needs of Chinese middle-aged and elderly families and its mechanism analysis.The research ideas are as follows: First,in the introduction part,the research background and significance of this article are introduced;second,in the theoretical part,the relevant development theories of cognitive ability and life insurance demand are discussed.Based on the current development of life insurance in China,it discusses the constraints on the demand for family life insurance in China.Factors,and make a preliminary explanation of the cognitive ability of middle-aged and elderly families;again,based on the 2018 National Tracking Survey Data(CHARLS)of the China Pension and Tracking Survey,the Probit and Tobit measurement models are established,focusing on subdividing and comprehensive cognitive ability The impact of the life insurance needs of middle-aged and elderly families,and the degree of influence on the differences between urban and rural areas,age,and education are analyzed,and the mediation effect is demonstrated from the social interaction effect and risk perception effect,and the endogenity and robustness are further tested;,Through theoretical analysis and empirical analysis to draw conclusions,in order to put forward targeted policy recommendations for the government,insurance companies and households at the three levels.The main conclusions of this paper are: First,cognitive ability has a significant positive impact on whether middle-aged and elderly families in my country participate in life insurance and the degree of insurance.The perception of old-age risks affects the demand for family life insurance through two channels,and the results are still stable after being verified by the instrumental variable method.Second,mathematics ability has a more obvious positive relationship with middle-aged and elderly family holders of life insurance than word memorization ability,which is consistent with the conclusion that digital ability has a greater impact on other financial decisions of families in existing studies of.Third,the impact of cognitive ability on the life insurance needs of middle-aged and elderly families is more pronounced in rural families,families with low education levels,and families whose head of household is over 60 years old.