The Influence Of Education Level On Family Pension Plan And Commercial Insurance Purchase

Population aging is an important basic national condition in China.Up to now,the number of elderly people in China has exceeded 249 million,and the characteristics of rapid aging,getting old before getting rich,and getting old before getting ready are obvious.In recent years,China is highly concerned about the aging of the population,and has put forward a series of new ideas and new strategies to develop undertakings for the elderly and strengthen the work of the elderly,so as to promote the development of undertakings for the elderly and improve the well-being of the elderly.Therefore,it has become an important question for China to alleviate the pension risk brought by the aging population,improve the pension security level of residents and enhance the family security level.Residents are a member of every family organization,so the pension problem of residents is an inseparable part of the family pension problem.How to solve the pension problem of residents is how to improve the family pension security level.This paper studies the influence of education level on family endowment plan and commercial insurance purchase.Because the head of the household plays a pivotal role in the family,this paper takes the education level of the head of the household as the representative of the education level of the family to explore.Firstly,this paper reviews the domestic and foreign literatures on the research of education level and pension plan,education level and commercial insurance.Secondly,it expounds the human capital theory,life cycle hypothesis,family life cycle theory and commercial insurance demand theory related to the research topic of this paper,which lays a solid theoretical foundation for the following research.Thirdly,the mechanism analysis framework of the influence of education degree on family endowment plan and commercial insurance purchase decision is constructed,and the direct and indirect effects of education degree on family endowment plan and commercial insurance purchase are emphatically analyzed.In the following empirical research,2017 China Household Finance Survey does not include the related questions of explained variables in this paper,so this article uses the data of 2017 China Household Finance Survey(2015 CHFS).Based on Probit model,linear regression model and mediating effect analysis model,this paper analyzes the education level of family pension plan and the impact of commercialinsurance purchase.In order to enrich the content of the study,the heterogeneity analysis and the mediating effect analysis are also carried out.Finally,from the perspective of improving the education level of residents,promoting the development of commercial insurance and improving social security,this paper further discusses how to improve the pension security level of families and increase social welfare.This paper draws the following conclusions through theoretical analysis and empirical analysis:Firstly,in terms of the overall situation,education level plays a role in promoting the formulation of family endowment plan,the diversity of family pension choices and the purchase of family commercial insurance.Secondly,in terms of the analysis of heterogeneity,the study is mainly conducted from the analysis of urban-rural differences,social security degree differences and family regional differences.In terms of urban-rural differences,in both urban and rural areas,the improvement of education level can enhance the willingness to develop family pension plans,diversify the ways of pension,and enhance the awareness of families to buy commercial insurance.In terms of differences in social security degree,families with low social security degree take more active measures in family pension plan and commercial insurance purchase.In terms of family regional differences,there are regional differences in the influence of education level on the diversity of family endowment plan and family choice of endowment mode,while the influence of education level on commercial insurance purchase is significant in all three regions,and there is no difference.Thirdly,as far as the analysis of mediating effect is concerned,the research mainly starts from two aspects: family income and family asset allocation.In terms of family income,income has a mediating effect.In terms of household asset allocation,this paper only studies the influence of the proportion of household financial assets,and the results show that the variable of the proportion of household financial assets has a mediating effect.The innovation of this paper: first,this paper is innovative in the research perspective.Most of the previous researches on education and pension related issues were conducted from the perspective of family finance knowledge.In addition,most of the studies on the family pension decisions,mostly from the aspects of a single measure,such as family buy commercial insurance decision,this article from the perspective of family,from familypension plans,choice of family pension mode and the diversity of commercial insurance to buy three aspects of family endowment decision situation synthetically measure,the education degree of family pension plan and the influence of commercial insurance purchase decisions.Second,this paper is innovative in research methods.Compared with the existing literature,this paper uses Probit,linear regression and mediating effect models to analyze the influence of education level on family pension plan and commercial insurance purchase from two aspects of direct effect and indirect effect.The consideration is relatively comprehensive and innovative.