Study On The Influence Of Insurance Literacy On Individual Participation In Commercial Endowment Insurance Title

At present,China’s population structure tends to be aging,and the national family structure is characterized by miniaturization,which makes the traditional concept of "raising children for old age" not sustainable,and also triggers the consideration of the choice of future retirement.In the 14 th Five-Year Plan,it is proposed that the key task of China’s pension is to establish a sound multi-level and multi-pillar pension system,but the reality is that there is an unbalanced development of the retirement system.From the relevant investigation of the commercial pension insurance market,we know that as an important part of the third pillar pension system,the development of commercial pension insurance is slow,which is analyzed from the individual level because individuals do not understand the commercial insurance products themselves.This will also help to improve the imbalance of the pension system to some extent.Whether individuals participate in commercial pension insurance and the development of commercial pension insurance in China are related to the level of individual insurance literacy,and the study of insurance literacy may help to improve the low participation rate of commercial pension insurance in China and alleviate the problem of unbalanced pension security system on this basis.Based on this,this thesis explores the impact of insurance literacy on individual commercial pension insurance participation from the perspective of micro individuals.In this thesis,firstly,in the conceptual part,we organize the relevant background as well as sort out the domestic and international literature;secondly,we extract the relevant concepts as well as the theoretical basis according to the research topic of this thesis;then,we analyze the mechanism of the influence of insurance literacy on personal commercial pension insurance participation;in the empirical part,we use the research data of the 2018 China Health and Pension Tracking Survey,and use factor analysis as well as the interviewed residents’ responses to pension insurance questions to construct insurance literacy variables.replies to construct insurance literacy variables,selecting personal characteristics such as gender,age,education level,marital status,urban and rural residence,and basic pension insurance participation,and family size,number of children in the family,and household income household characteristics as control variables,and using Probit model to analyze the direct effect of insurance literacy on personal commercial pension insurance participation;then,an indirect effect test based on perceptions of pensions;and finally instrumental variables are used to alleviate the issue of endogeneity arising from the explanatory variables,and robustness tests are conducted using substitution of core explanatory variables as well as model replacement.After the statistical analysis as well as the empirical analysis,the following conclusions were drawn: first,the motivation of individuals with high levels of insurance literacy to participate in commercial pension insurance is also enhanced,and secondly,when the analysis of the influence mechanism was conducted,the process of insurance literacy influencing individuals’ participation in commercial pension insurance promoted the change of perceptions of old-age,thus increasing the motivation to purchase commercial pension insurance.Secondly,gender,age,literacy level and the number of children in the family affect individuals’ commercial pension insurance participation behavior,among which: men,younger age,urban residents,higher literacy level and fewer children in the family tend to purchase commercial pension insurance.In this regard,we propose the following policy recommendations: firstly,government departments can improve residents’ insurance literacy through multiple channels to enhance their enthusiasm to participate in commercial pension insurance;secondly,individuals need to take the initiative to learn insurance knowledge to improve their own insurance literacy level;finally,insurance companies should actively popularize insurance knowledge while developing insurance products with special features in the process of developing commercial pension insurance products to improve insurance Finally,in the process of developing commercial pension insurance products,insurance companies should actively popularize insurance knowledge and enhance insurance literacy of consumers while developing insurance products with characteristics.