Research On The Impact Of Financial Literacy On Residents’ Participation In Commercial Health Insurance

According to statistics,at present,the proportion of the population over 65 years old in China is more than 14%,and China has officially entered a deeply aging society.Due to the rising dependency ratio of the elderly,the society is facing serious pressure on health security and medical care services.Although the coverage rate of basic medical insurance in China has been stable at more than95% for a long time,the scope and proportion of compensation for basic medical insurance are limited,and the health security needs of residents are not fully met.At the same time,affected by the COVID-19,Chinese residents pay more attention to personal health insurance,and their awareness of health insurance is constantly improving.Now,under the policy support and market promotion,commercial health insurance has become a "new force" to develop the health industry and promote economic efficiency and upgrading.The professional insurance of residents’ commercial health insurance is a complex process,which requires not only understanding relevant financial concepts and insurance knowledge,but also having certain financial decision-making ability,which is related to the financial literacy of consumers.According to the financial literacy survey report issued by the People’s Bank of China in 2021,the financial literacy index of Chinese consumers is only 66.81,which indicates that the level of financial literacy of Chinese residents is low and their awareness of insurance is insufficient.Therefore,in order to effectively improve the participation rate of residents’ commercial health insurance,this paper focuses on the theoretical research and empirical analysis of the relationship between financial literacy and residents’ commercial health insurance,with a view to providing relevant suggestions for commercial health insurance policy formulation,enterprise planning,and individual selection from the perspective of financial literacy.The main content of this study focuses on the impact of financial literacy on residents’ participation in commercial health insurance,and explores the possible internal impact mechanism.The specific content is divided into six chapters: The first chapter is the introduction,which describes the research background,significance and research ideas of this paper,and summarizes the innovation and shortcomings of the paper.The second chapter is the literature review of financial literacy and commercial health insurance.It mainly combs the domestic and foreign literature on the impact factors of commercial health insurance,and finds that the research on the relationship between financial literacy and commercial health insurance needs to be enriched.The third chapter defines financial literacy,commercial health insurance and related concepts,constructs financial literacy indicators through factor analysis,and expounds the theoretical basis of financial literacy theory,Maslow’s hierarchy of needs theory,prospect theory,and information asymmetry theory.The fourth part carefully analyzes the current situation of financial literacy and commercial health insurance,analyzes the actual extent of the low level of financial literacy of Chinese residents and the low participation rate of commercial health insurance,and analyzes the impact mechanism of the two and puts forward research hypotheses.Chapter 5 conducts empirical analysis based on the data of CHFS in 2019.Under the control of relevant variables,Probit model and Tobit model are selected for benchmark regression.The regression results show that financial literacy has a significant positive impact on the possibility and degree of participation of residents in commercial health insurance.Then the heterogeneity analysis was carried out for the population with different personal characteristics,and the endogenous and robustness tests were carried out for the regression results.Finally,the paper tests the intermediary effect of social interaction,risk attitude and financial attention in the process of financial literacy affecting commercial health insurance.The results show that social interaction and risk attitude have an impact in the process of financial literacy affecting the possibility and degree of participation in commercial health insurance.Financial attention only has an internal impact in the process of financial literacy and the possibility of participation in commercial health insurance.The sixth chapter is the research conclusion and the government policy formulation,the insurance company product design and promotion,the individual participation in the commercial health insurance countermeasure suggestion.