Study On The Influence Of Commercial Endowment Insurance On Household Consumption

The ultimate goal of people’s livelihood is consumption,and a sound old-age insurance system is the “chassis” for stabilizing the society and people’s livelihood.As of the end of 2021,my country’s population over the age of 65 has reached 200.56 million,accounting for 14.2% of the national population,while the consumption rate of residents is still less than 40%.The social phenomenon of "getting old before getting rich" is becoming increasingly prominent.”,to a large extent affect residents’ consumption expectations and consumption propensity.From the perspective of the system,the current pension insurance system has prominent problems of unbalanced and insufficient development.As a whole,the basic pension insurance of the first pillar is "outstanding",while the coverage of the second pillar is difficult to improve,and the third pillar of commercial pension insurance Just getting started.As the key to building a multi-level and multi-pillar old-age insurance system,commercial old-age insurance can provide the public with a higher level of old-age security and a wider supply of old-age products,reduce the old-age burden on society and families,and help rejuvenate public consumption confidence,Stimulating residents’ consumption potential has far-reaching effects.Therefore,in this context,it is of great practical significance to explore the impact of commercial endowment insurance on household consumption.Based on the reference and study of the existing research results,this paper conducts an in-depth study from the perspective of the impact of commercial endowment insurance on household consumption.First,based on the current status of the research subject and the relevant theories of residents’ consumption decisionmaking,combined with the existing research results,this paper deeply analyzes its impact mechanism,and puts forward research hypotheses;Starting from microindividuals,through OLS model regression,after a preliminary analysis of the impact of commercial endowment insurance on household consumption,the propensity matching score method is further used to correct the selection bias of the sample,and on this basis,the urban-rural heterogeneity analysis is carried out.And robustness test;finally summarize the research conclusions and put forward relevant policy recommendations.The results of this paper show that:(1)Participating in commercial endowment insurance will significantly improve the household consumption level of residents.According to the division of consumption structure in this paper,it is found that participating in commercial endowment insurance can significantly increase the total consumption,survival consumption and developmental consumption of households.(2)Compared with subsistence consumption,participating in commercial endowment insurance has a more obvious role in promoting residents’ developmental consumption.This conclusion is consistent with the previous analysis after using the propensity matching score method to solve the problem of sample selection bias.(3)Through the heterogeneity analysis,it is found that participating in commercial endowment insurance has a greater effect on household consumption of rural residents than urban residents.Finally,based on the theoretical and empirical analysis results of this paper,in order to promote the development of commercial endowment insurance and release the vitality of residents’ consumption,this paper puts forward the following suggestions: first,to enhance the public’s insurance awareness of "investing for the elderly";second,to create an inclusive commercial endowment insurance The third is to enrich the product design to meet different pension needs;the fourth is to strengthen the top-level design of commercial pension insurance;the fifth is to improve the pension system to revive consumer confidence.